Tag Archives: Wealth Inequality

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 »

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 »

We Should All Be Skeptical of Rich People’s Philanthropy

After the sky-high consumer spending of Black Friday and Cyber Monday, Giving Tuesday is a day for folks to direct some of their money toward charitable causes instead. While we believe the work we do at the Patriotic Millionaires is certainly a great cause, don’t worry – we won’t be asking for your money today, or ever.  As rich people in this country, we’ve certainly … Continue reading We Should All Be Skeptical of Rich People’s Philanthropy »

Two Pandemics in the White House

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 »

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. »

Re-thinking the ‘purpose’ of capitalism

Capitalism in the United States, as it is right now, is dangerously flawed. Our politicians and policies prioritize corporations, special interests and top income earners over regular American workers and those most impacted by the COVID-19 pandemic. This crisis, in particular, has laid bare the vast chasm between socioeconomic classes that have developed over the past decade. It’s exposed the failure of our nation to … Continue reading Re-thinking the ‘purpose’ of capitalism »

Year In Review: 2019

As 2019 comes to a close, let’s take a moment to look back at the major events that impacted the state of the economy – and the national conversation around our three core issues – as we enter the new year, and the many policy developments this year that are giving us hope for better, brighter decade to come. 

Rich People’s Charity Won’t Save The World

From time to time, a news story about a very wealthy individual doing something very kind with their money goes viral. Billionaire Robert F. Smith recently paid off the student debt of the entire Morehouse College class of 2019. Hamdi Ulukaya, CEO of Chobani, paid off student lunch debts for an entire Rhode Island school district. Last year, Patagonia CEO Rose Marcario pledged to donate … Continue reading Rich People’s Charity Won’t Save The World »

Who Has Freedom in the American Economy? Increasingly, Just the Rich

Last week, former Louisiana Governor Bobby Jindal published an op-ed in the Wall Street Journal bemoaning popular support for progressive policies that seek to expand the social safety net to support millions of Americans, arguing that these people don’t understand the “true cost” of such policies and that Republicans need to “make the case for freedom.” Let’s make that case for freedom. It starts by … Continue reading Who Has Freedom in the American Economy? Increasingly, Just the Rich »

Rich People Should Pay Their Taxes Every Year Too

Most Americans pay taxes every other week. Part of every paycheck is withheld, then they file taxes in April to account for the difference. Rich people file a tax return in April too, but in any given year they are probably not paying any taxes on a huge part of the increase in their personal wealth. That’s because the majority of a rich person’s “income” … Continue reading Rich People Should Pay Their Taxes Every Year Too »

Thanks, But No Thanks: Stop Bleeding the Middle Class to Cut Our Taxes

It’s Tax Day, so by now Americans have had a chance to see how their filings stack up against Trump’s promises. Working folks are largely unimpressed, but millionaires like us made out like bandits. When Republicans pitched the Tax Cuts and Jobs Act of 2017 (TCJA), they sold it as a tax break for the middle class, but despite lower income tax rates and a … Continue reading Thanks, But No Thanks: Stop Bleeding the Middle Class to Cut Our Taxes »

The Patriotic Millionaires Present: TAX THE RICH! Livestream

Whether it’s democratic socialist Rep. Alexandria Ocasio-Cortez (D-NY) campaigning for it on Twitter or angry pundit Tucker Carlson foaming at the mouth about it on his nightly Fox News show, everyone is talking about taxing the rich. This is an issue that is set to dominate American political debate heading into the 2020 elections. In that spirit, the Patriotic Millionaires are launching a multi-year, multi-platform … Continue reading The Patriotic Millionaires Present: TAX THE RICH! Livestream »

2020 Contenders Embrace the Wealth Tax

As the 2020 primaries heat up and candidates search for a way to distinguish themselves in such a large field, one issue has transformed into a key debate of the campaign: how to tax the rich to ensure a more equitable, prosperous society. Many of the candidates have bold tax plans, from Senator Sanders’s bill to expand the estate tax to Senator Booker’s baby bonds … Continue reading 2020 Contenders Embrace the Wealth Tax »

It’s Time to Address the Growing Concentration of Wealth

For years, the American people have seen the gap between the rich and the rest of the country grow out of control. In recent years however, especially since Republicans passed their massive overhaul of the tax code that gave over a trillion dollars in tax cuts to the wealthy, the divide has been widening more and more quickly. Since the early 1980s to today, the … Continue reading It’s Time to Address the Growing Concentration of Wealth »

Getting Serious About Higher Education Inequality

In the wake of the rampant, widespread cheating uncovered in last week’s college admissions scandal, there’s been a renewed focus on the different admissions standards that money can buy. This has been a well-documented problem for years, but it seems like the scale of this latest scandal is sparking some new proposals to tackle this issue head-on. On Wednesday, Senator Ron Wyden (D-Oregon) announced his … Continue reading Getting Serious About Higher Education Inequality »

Maryland In Final Stretch For $15 Minimum Wage

The Maryland Senate made a crucial step forward in ensuring the economic security of its labor force this week, when it approved a hard-fought bill to raise the state’s minimum wage to $15 for most workers by the end of 2025. Though organizers and labor groups have been tirelessly fighting for this for years, this is the first time a bill to raise the wage … Continue reading Maryland In Final Stretch For $15 Minimum Wage »

Republicans Relying on Lies to Repeal Estate Tax

For the second time in as many years, Sen. John Thune (R-SD) is leading the charge in repealing the federal estate tax. With wealth inequality flourishing and public opinion moving in favor of higher taxes on the wealthy, removing this tax on inheritances will only make the gulf between the rich and poor wider. Sen. Thune’s bill is and should be unpopular. However, because of … Continue reading Republicans Relying on Lies to Repeal Estate Tax »