Republicans have done a lot of damage to the American tax code over the years by giving massive and harmful cuts to the wealthy and corporations. But if they win back the White House and get the chance to implement Project 2025, that damage will be supercharged to another level. We told you about Project 2025 on July 4th, and it’s since received a great deal … Continue reading Project 2025 Will Be a Tax Nightmare
Happy 4th of July! We hope that you and those close to you can spend time today celebrating America’s 248th birthday and everything that makes our country so special. We here at the Patriotic Millionaires like to use Independence Day to remind ourselves what patriotism means and why we go about calling ourselves “patriotic” in the first place. And judging by recent events at the Supreme Court, … Continue reading Happy 4th of July!
“We can have democracy in this country, or we can have great wealth concentrated in the hands of the few, but we can’t have both.” Supreme Court Justice Louis D. Brandeis (1856-1941) Last week, former President Donald Trump was indicted on charges related to his efforts to overturn the legitimate democratic results of the 2020 election. The announcement comes on the heels of Trump’s other two indictments: one … Continue reading We need to choose democracy
When you add up the numbers from reporting by the New York Times and the recently released House Ways and Means Committee Report on Trump’s taxes, Donald Trump paid total federal income taxes of about $1.8 million between 1996 and 2020, a 25-year period. He paid another $70 million or so between 2005 and 2007, but had all of that refunded to him when he … Continue reading Who’s Taxed More: Trump or a Cardiologist?
It’s clear that Trump isn’t just going to go away. He’s going to continue to fuel the fires of conspiracy theories and white supremacy once he’s finally removed from office.
Unless you’ve been living under a rock for the past week, you’ve certainly heard the news that President Trump, along with several high-profile White House staffers and Republican Senators, has been infected with COVID-19. What you probably haven’t heard about are the ordinary working folks in Trump’s orbit that have also been infected with the virus. At least two members of the White House housekeeping … Continue reading Two Pandemics in the White House
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.
Out of all the issues and priorities that the US could and should be focusing on right now, the White House has decided the most pressing thing that could be done is yet another round of tax cuts.
In 2017, Republican legislators in the House and Senate passed a sweeping $1.9 trillion tax cut bill, the vast majority of which went directly into the pockets of millionaires, billionaires, and multinational corporations. Emboldened by the success of their first attempt, they’re now back for more tax cuts for the rich. This time, they want to further decrease capital gains taxes.
It’s been well noted by now that the Trump administration’s budget proposal released on Monday is a blatant cash grab that would transfer trillions from the poorest in American society to the ultra wealthy. It does this by gutting public services in order to fund extensions for the reckless, unnecessary tax cuts the administration gave to wealthy Americans in 2017. For the normal people in … Continue reading All the Awful Cuts (So Far) in the Trump Budget
There’s already been a huge backlash against the Trump administration’s 2020 budget proposal since it was released on Monday, and for good reason. The plan is disastrous for a myriad of reasons, but so far, there hasn’t been much discussion about the way it conceals – and even worsens – the consequences of the 2017 Tax Cuts and Jobs Act. Those initial tax cuts are … Continue reading The Big Tax Problem in Trump’s Budget
On Monday, President Trump released his 2019 budget proposal, a plan that outlines a series of massive cuts to vital public programs in the ludicrously titled “A Budget for a Better America.” While this is just a list of funding ideas that mean nothing without Congressional approval, it outlines Trump’s vision for our economic future – one that allows us already wealthy people to get … Continue reading Budget for a Nightmare America