Tag Archives: wealth tax

Political Power Cannot be a Family Heirloom

Family businesses – from restaurants to hardware stores to plumbing companies to hair salons – make up the beating heart of America. But when the “family business” is wielding unfathomable wealth to influence our democracy, it becomes a problem. Last week, our allies at Americans for Tax Fairness (ATF) published a report, “The Billionaire Family Business,” which revealed the enormous sums that billionaire families have … Continue reading Political Power Cannot be a Family Heirloom »

Sounding Alarms and Waving Flags about Moore v. US

Next week, the Supreme Court will hear oral arguments for Moore v. United States. At the eleventh hour, this seemingly esoteric case is starting to get “Moore” attention from the broader public, which is a welcome development considering the damage it could do in the fight for tax justice in America. For several months, the Patriotic Millionaires have been sounding the alarm over Moore v. United States. … Continue reading Sounding Alarms and Waving Flags about Moore v. US »

Je suis riche, taxez-moi!

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! »

Pass the OLIGARCH Act. Save democracy.

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. »

Get ready for Moore trouble with the Supreme Court

The Supreme Court has been on a roll lately, but, unfortunately, not in the right direction. On June 29, the conservative majority on the Court voted to strike down affirmative action admissions policies at our nation’s colleges and universities. (Click HERE to read the Patriotic Millionaires’ response to the decision.) The next day, June 30, the same majority then voted to block the implementation of President Biden’s student loan forgiveness program. … Continue reading Get ready for Moore trouble with the Supreme Court »

Joe Manchin Just Showed Why We Need the OLIGARCH Act

Last week, Senator Manchin blindsided his Democratic colleagues when he reversed course on his previous demands that their agenda be focused on tax reform and declared that he would not vote to raise taxes on the rich or massive corporations. In doing so, he dashed Democrats’ hopes to pass any sort of meaningful tax legislation before November. He also ironically proved, by showing the country … Continue reading Joe Manchin Just Showed Why We Need the OLIGARCH Act »

Billionaire Income Tax Could Eliminate Tax on First $17,500 of Income for All Americans ($35,000 for Married Couples)

Some of you might remember that, prior to the Trump tax cuts for the rich in 2017, you were able to claim a personal exemption on your taxes that eliminated income tax on the first $4,050 in income ($8,100 for couples).  It was a big help to many of us, but Trump did away with the personal exemption for working Americans as part of his … Continue reading Billionaire Income Tax Could Eliminate Tax on First $17,500 of Income for All Americans ($35,000 for Married Couples) »

Pass the Billionaire Wealth Tax

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 »

Defending the Billionaires Income 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 »

Progressives Must Hold Strong

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 »

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 »

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 »

In Wealth Tax, California Looks Toward the Future

A year ago, in a time before the Coronavirus upended our economy and made taxing the rich more urgent than ever before, the idea of a wealth tax was all the rage in the 2020 Democratic presidential debates. First introduced by Senator Elizabeth Warren (D-MA), a wealth tax would go miles towards curbing our country’s inequality by laser-targeting extreme wealth held by the likes of … Continue reading In Wealth Tax, California Looks Toward the Future »