The Patriotic Millionaires have a very simple message for the world: “Je suis riche, taxez-moi!” Our organization was recently profiled in a feature-length piece in Le Monde, the most circulated newspaper in France and one of the top newspapers in all of Europe. This is a pretty big deal, and will undoubtedly attract more public interest in our mission across the world. Our Chair, Morris Pearl, and Vice-Chair, Stephen … Continue reading Je suis riche, taxez-moi!
This weekend, heads of state of G20 member countries will travel to New Delhi, India for the 18th annual G20 summit. Attendees will discuss the most pressing issues related to the global economy, and the meeting will culminate in the adoption of a new G20 Leaders’ Declaration. Ahead of the summit, the Patriotic Millionaires led the charge with several of our allies – Oxfam, Millionaires for … Continue reading Dear G20 Leaders: Tax Extreme Wealth!
We at the Patriotic Millionaires spend a great deal of time talking about wealth inequality, from the drag it puts on our economy to the way it acts like jet fuel for extreme politics. But one aspect of wealth inequality we don’t regularly touch on is the emotional and human toll brought on by its effects. A recent New York Times guest essay asked a very simple … Continue reading Economic anxiety and the labor immune response
It’s a monumental day at the Patriotic Millionaires! Today, with support from our organization and a number of our allies, Representatives Barbara Lee (CA-12), Summer Lee (PA-12), Rashida Tlaib (MI-13), and Jamaal Bowman (NY-16) introduced the Oppose Limitless Inequality Growth and Reverse Community Harms (OLIGARCH) Act, which will create an annual wealth tax focused exclusively on containing destabilizing inequality in America and ensuring the viability of … Continue reading Pass the OLIGARCH Act. Save democracy.
My name is Bob Lord and I’m the Patriotic Millionaires’ Senior Advisor on Tax Policy. Before my time here, I practiced tax law for forty years and also ran for Congress back in 2008. We usually write this newsletter in the collective voice of the Patriotic Millionaires’ membership. This week though, I’d like to take the reins and give you my perspective on the new … Continue reading The real reason we want to raise taxes on the rich
In the lead up to the 1992 Presidential election, James Carville famously coined the phrase “It’s the economy, stupid.” It soon became a mantra for Bill Clinton’s successful campaign. That was thirty years ago. With how much our country has changed since then, we’d like to suggest updating the famous refrain to “It’s the inequality, stupid.” Economic inequality has exploded in the US since Bill Clinton took office. … Continue reading It’s the inequality, stupid
As the rich and powerful have gathered this week in Davos for the World Economic Forum’s (WEF) Annual Meeting, there has been a lot of talk about how to make the world a better place. Davos attendees, from world leaders to billionaires, have made a massive show of how they will build “Cooperation in a Fragmented World,” as the title of this year’s gathering is … Continue reading Demanding Change at Davos
After what seems like a summer-long heatwave, more and more Americans are looking to Congress and the White House for answers. While the Republican party has used misinformation and obstruction to hide the causes of climate change, Americans are suffering. Approximately 5 million people die every year due to the effects of climate change, with a projected 250,000 additional deaths per year from 2030 to … Continue reading There Is No Planet B
It’s no secret that the rich and powerful are able to avoid paying their fair share in taxes, but it’s still occasionally stunning to see just how much tax avoidance they get away with. This week, we saw two bombshell reports released by tax justice organizations laying out how both major corporations and ultra-wealthy families are able to pay basically nothing in taxes. On Tuesday, … Continue reading Netflix paid 1.1% in taxes last year
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
Since the beginning of the Covid-19 pandemic, millions of Americans have faced financial hardship and economic instability. Some have lost their jobs or been furloughed, many have been uprooted from their homes or have even become homeless (not to mention the millions that have gotten severely ill and hundreds of thousands that have died). Even well beyond the peak of the pandemic, 24 million adults … Continue reading Wealth Gap on the Rise
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
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
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
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.
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
We know that the racial wealth gap is real, and large. We also know that it didn’t just happen, it’s the result of a long history of government policies that favored white families over Black ones. Just because many of these programs and policies have ended doesn’t mean we can ignore their legacy.
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.
Simply put, wealth is wasted on the wealthy.