Tag Archives: Taxes

The Lies in The Chamber of Commerce’s Carried Interest Report

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 »

The Value of Labor

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 »

America Needs Democratic Unity

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 »

Spending versus Investments, the Great Debate

We’re finally reaching the point where real economic change is on the horizon through the upcoming infrastructure and reconciliation bills. During this time it can be hard to clearly see progress with all the confusion and noise of Washington. Debates about government spending have often been dominated by concerns from conservatives and moderate politicians. Even still, we have to remember that making investments that will … Continue reading Spending versus Investments, the Great Debate »

Overcoming the Opposition

Earlier this week, after months of negotiations, a bipartisan infrastructure bill passed in the Senate. This was followed quickly by a $3.5 trillion budget that sets the stage for Democrats to pass a reconciliation bill that would make one of the largest investments in American families in the last half century. But while we’re in a moment of great opportunity, there are, as always, many … Continue reading Overcoming the Opposition »

Democrats Must Tax the Rich to Pay for Roads

Yesterday, after weeks of deliberation, a bipartisan committee of Senators finally proposed the beginnings of an infrastructure bill. This bill failed to do one thing that Americans have been asking of their representatives; tax the rich. Simply shifting money around and pointing the blame at unemployed Americans in a global crisis is just another way of burdening regular people with paying more than their fair … Continue reading Democrats Must Tax the Rich to Pay for Roads »

California’s Ambitious Budget Proposals Shouldn’t be a Bargaining Chip

This month Governor Gavin Newsom signed California’s $262 billion dollar budget into law, a nearly $60 billion dollar increase from the previous fiscal year.  Flush with extra cash, Governor Newsom and the legislature created one of California’s most ambitious budgets in recent years. This year’s budget will deliver a public school version of preschool along with free school lunches, expand state-funded healthcare to undocumented immigrants, … Continue reading California’s Ambitious Budget Proposals Shouldn’t be a Bargaining Chip »

If Jeff Bezos Can Afford to Go to Space, He can Afford to Pay more in Taxes

Yesterday, Jeff Bezos went to space. In response, the Patriotic Millionaires released the following statement on the morning of launch day from one of our members, Stephen Prince: “Sixty years ago, we sent the first American into space, and the top income tax rate was 91%. Today, a billionaire launched himself into space after paying a true tax rate of less than 1% for years. … Continue reading If Jeff Bezos Can Afford to Go to Space, He can Afford to Pay more in Taxes »

Fix the Tax Gap, Fund the IRS

Although the framework of the bipartisan infrastructure plan has been largely agreed on by a group of both Democrats and Republicans, it was only a matter of time before the more extreme elements of the GOP tried to undermine the deal. And right on cue as the bipartisan working group is attempting to finalize the bill’s details, some conservative groups are now demanding that the … Continue reading Fix the Tax Gap, Fund the IRS »

What You Need to Know About the Bipartisan Infrastructure Deal

The bipartisan infrastructure deal that Senate Democrats, Republicans, and President Joe Biden agreed on last week looks like it may already be in danger. With Democratic leadership promising to link the bipartisan bill to a larger reconciliation bill that includes more progressive priorities and tax hikes on the rich, and Republicans threatening to back out if Democrats pair the two bills together, there’s a lot … Continue reading What You Need to Know About the Bipartisan Infrastructure Deal »

It Is Time We Reexamine the Cost of Reaganomics

President Ronald Reagan was a popular United States President. Upon leaving office, 63 percent of Americans overwhelmingly approved of the job he had done during his 8 years in office. His post-presidency popularity was solidified with efforts led by lobbyist and anti-tax activist Grover Norquist to convince local governments and private associations to name public spaces after Regan to preserve his legacy— particularly his tax … Continue reading It Is Time We Reexamine the Cost of Reaganomics »

California Chapter Supports Assembly Bill 71

The Patriotic Millionaires of California are proud to support California’s AB-71, Bring California Home Act, which would tax the wealthiest corporations in order to address and solve the out-of-control inequality that has led to the alarming number of individuals facing homelessness in our great state. To solve our homelessness crisis AB 71 proposes taxing California’s wealthiest multinational corporation’s Global Intangible Low Taxed Income (GILTI) to … Continue reading California Chapter Supports Assembly Bill 71 »

Explaining The Ultra-Millionaire Tax Act

On Monday, March 1, Senator Elizabeth Warren, Rep. Pramila Jayapal, and Rep. Brendan Boyle took a stand against out-of-control wealth inequality by introducing The ‘Ultra-Millionaire Tax Act’ to Congress. So what will this tax do? It’s a virtual copy of the wealth tax that Warren ran on in her 2020 presidential campaign. A wealth tax is a yearly tax on the net worth, essentially assets … Continue reading Explaining The Ultra-Millionaire Tax Act »

President Trump’s Tax Returns Are Bad. You Can Thank the Tax Code.

Yesterday morning, the New York Times released a damning report on President Trump’s tax returns, detailing how the President has avoided millions of dollars on his tax bill for the past decade, despite continuing to wrack up millions every year.  Much of the attention garnered by the report has focused on the fact that the meager $750 Trump paid in taxes in each 2016 and … Continue reading President Trump’s Tax Returns Are Bad. You Can Thank the Tax Code. »

Taxing the Rich: The People’s Choice

As the final sprint to the 2020 election kicks into gear, prepare to hear a lot about the choice at the top of the ticket and the accompanying admonitions not to forget down ballot races. However, just as importantly, voters will weigh in on an array of ballot initiatives and referendums in 26 states and Washington, D.C. Although these are often glossed over for splashy, … Continue reading Taxing the Rich: The People’s Choice »

Biden’s Tax Plan Doesn’t Go Far Enough

With both the Democratic and Republican National Conventions behind us, the 2020 election is finally, really, underway, ushering in the final sprint in a race for the White House with profound economic implications. After four years of President Trump, we have a clear sense of what he wants to do with our tax code – cut taxes for millionaires, billionaires, and corporations. Considering that the … Continue reading Biden’s Tax Plan Doesn’t Go Far Enough »

A Wealth Tax Is the Perfect COVID Stimulus Measure

If you think back to the beginning of the COVID-19 crisis in the US in March, you might remember all the doomsday headlines about the stock market tanking to record lows and investors losing millions of dollars as a result. Three months later, those headlines have entirely disappeared, and there’s a reason for that: the stock market has recovered almost all of the losses incurred … Continue reading A Wealth Tax Is the Perfect COVID Stimulus Measure »