Even though Congress is out of session this week, the fight for fair taxation continues. House and Senate Democrats are still deciding what to do with the State and Local Tax (SALT) cap, which sets a limit on the amount of state and local taxes that taxpayers can deduct from their federal tax bills. The House plan would raise the cap from $10,000 to $80,000, … Continue reading Want to fix the economy? Tax the rich
This week, the big fight in Congress is over the SALT cap. Since the passage of the Trump tax bill in 2017, wealthy taxpayers in higher tax states like New York and New Jersey have had a cap on the amount of state and local taxes that they can deduct from their federal tax bill. Pressured by a cadre of blue state billionaires looking to … Continue reading Fighting over SALT and the Virginia Election
Momentum is building this week in Congress behind President Biden’s Build Back Better Agenda as House and Senate Democrats negotiate how they are going to raise revenue linked to the roughly $2 trillion new spending that the reconciliation bill would introduce. Yesterday, Oregon Senator Ron Wyden officially unveiled his Billionaires Income Tax plan which, as we highlighted earlier this week, would tax the richest Americans … Continue reading Corporate Minimum Tax and Millionaire Surtax Highlight Biden’s Reconciliation Framework
As we approach nearly two years of a pandemic, a booming stock market, and massive profits for numerous corporations, many American workers are finding themselves falling further behind as wages continue to stagnate and inflation rises. With pressure mounting, Americans are fed up. From Hollywood to Holler, American workers are rising up to demand better pay and better working conditions. I hope we are witnessing … Continue reading Choose the Side Fighting for American Workers
Democrats in Congress are close to finalizing a deal on the Biden Build Back Better Agenda, and they’re considering including one of the most significant tax changes in decades – the Billionaires Income Tax – in their reconciliation bill. This tax, also known as mark-to-market, would target only about 700 billionaires (forget the top 1%, this is the top 0.0002%), and force them to start … Continue reading Pass the Billionaire Wealth Tax
Things are getting interesting in Washington, where Democrats are considering including one of the most significant tax changes in decades – a Billionaires Income Tax – in their budget reconciliation bill. This Billionaires Income Tax, also known as mark-to-market, would mark a historic change in the way that the ultra-wealthy are taxed. It targets only the absolute richest Americans, about 700 billionaires (forget the top … Continue reading Defending the Billionaires Income Tax
Last Friday, the Organization for Economic Cooperation and Development (OECD), an international organization of countries working together toward economic progress, announced that 136 countries, including the United States, have agreed to a global minimum corporate tax rate of 15%. This is huge news. For far too long, countries around the world have engaged in a “race to the bottom” with regards to corporate taxes. Countries … Continue reading A Victory for International Tax Fairness
This week, the Patriotic Millionaires are on tour in West Virginia! We’re stopping at Joe Manchin’s district offices, college campuses, local restaurants, theaters, and street festivals across the state, speaking to Manchin’s constituents directly about the pressing need to fix our rigged tax code and get Senator Manchin on board with a full $3.5 trillion dollar Build Back Better Agenda. You can keep up with … Continue reading Spotlight on West Virginia and Arizona
This week, the International Consortium of Investigative Journalists released The Pandora Papers, a scathing exposé that details how the world’s wealthiest take advantage of international tax loopholes and tax havens to hide their wealth across the globe. While the report largely focuses on the finances of international leaders and elites, the fact that the wealthy are using loopholes to dodge their taxes is nothing new … Continue reading Tax Havens and Tax Reform
Last week conservative Democrats attempted to sabotage the President’s agenda and they were solidly defeated. Their demand that the House vote on the bipartisan infrastructure package before details of reconciliation were finished, in direct opposition to a deal agreed upon by Democrats in the House, Senate, and White House, would have sabotaged any attempts to pass the desperately needed funding and tax hikes on the … Continue reading Conservative Dems Can’t Handle the Truth
With a contentious debate in Congress regarding the reconciliation bill and its passage, it would seem that the bill and its contents (pulled straight from President Biden’s Build Back Better Agenda) are controversial among the American people as well. Instead, polls have demonstrated that the vast majority of voters support the bill and its provisions. The only group that consistently opposes the bill and actively … Continue reading Congress Should Represent All Americans- Not Just the Rich
Last night, Speaker of the House Nancy Pelosi announced to her caucus that she plans to bring the bipartisan infrastructure bill up for a vote this Thursday, separate from the budget reconciliation package. This stands in direct contrast to the agreement reached within the Democratic caucus that both bills would proceed simultaneously, and must be rejected by all Democrats who care about advancing the party’s full … Continue reading No Infrastructure without Reconciliation
Tensions are rising in Congress as we near September 27th, the date centrist Democrats are demanding a vote on their bipartisan infrastructure bill. They want to pass infrastructure first at the expense of the much larger, more impactful reconciliation bill, but progressives are promising to vote down infrastructure until the two pass at the same time. With all the fuss, you would think that the … Continue reading The American People Want to Tax the Rich
The fight between various factions within the Democratic party over the outcome of the infrastructure and budget reconciliation negotiations is coming to a head. For months the Caucus has been working on a strategy that would put both the infrastructure bill and a budget reconciliation package up for a vote at the same time, satisfying both centrists and progressives. Unfortunately, corporate interests have been out … Continue reading Progressives Must Hold Strong
Earlier this week the House Ways and Means Committee, led by Rep. Richard Neal, released their rewrite of the federal tax code as part of the Democrats’ budget reconciliation proposal. The committee’s proposed changes are, to say the least, completely inadequate. Their proposal preserves the preferential treatment the rich currently receive in the tax code, ensuring that billionaires in America will continue to pay a … Continue reading Neal’s Tax Plan Has Billionaires Popping Champagne
Today, 11 rogue Democrats are continuing their fight to block progress for the entire nation in order to ensure that the wealthiest people in the country continue to receive preferential treatment in the tax code. If the current House Ways and Means Committee proposal becomes law, billionaires in America will pay a lower tax rate than working people and inequality, the root cause of social … Continue reading Patriotic Millionaires Letter to White House Demands Further Tax Hikes on Millionaires
It’s time to get down to business. After months of leadup and preliminary negotiations, committees in the House are just days away from releasing the first official details of the Democrats’ multi-trillion-dollar reconciliation bill. There’s a lot at stake here, with trillions of dollars of support for American families and tax hikes on the rich hanging in the balance as a few centrist Democrats seek … Continue reading Reconciliation Negotiations Are Heating Up
This week The US Chamber of Commerce released a study that attempted to show that taxing carried interest as normal income would lead to massive job loss, a decrease in tax revenue, and an overall reduction in investment. But while Chamber lobbyists are sure to use this so-called “study” to try to convince lawmakers to preserve the carried interest loophole, in reality this document is … Continue reading The Lies in The Chamber of Commerce’s Carried Interest Report
As we come out of Labor Day weekend, let’s talk about labor. More specifically, let’s talk about the way the law treats labor. You’ve likely heard dozens of politicians talk endlessly about how American workers are the backbone of our country, and how the value their labor creates for their communities is what makes America great. But talk is cheap. When it comes to what … Continue reading The Value of Labor
Recently, a group of nine moderate and conservative Democrats voiced their opposition to the tactics Democrats are using to pass two bills simultaneously: a limited bi-partisan infrastructure package, and a more ambitious reconciliation package designed to pass with only Democratic votes. In a letter to Speaker Nancy Pelosi, they stated they planned to withhold their vote on the budget package if the infrastructure bill was … Continue reading America Needs Democratic Unity