SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Protestors march across the Brooklyn Bridge demanding higher taxes on the rich on March 5, 2021 in New York City. (Photo: David Dee Delgado/Getty Images)
Megarich Democratic Donor Says 'Tax Rich People Like Me' or He's Done With the Party
To "Democrats in Congress who know me and ask me for money continually," he says: "Pass the Biden infrastructure plan or never ask again. Ever."
Oct 04, 2021
Amid ongoing negotiations over how wealth will be taxed to fund the proposed safety net and climate package known as the Build Back Better Act, one superrich Democratic donor suggested he's ready to stop writing checks to the party unless it passes the legislation with a $3.5 trillion price tag--not less--and with the proposed tax increases on the wealthy and corporations.
The proposed tax hikes, tech entrepreneur and venture capitalist Nick Hanauer wrote in an essay published Monday at The New Republic, offer common-sense benefits.
Instead of allowing the cash to be "hoarded" by "zillionaires" like himself, Hanauer argued that the tax increases could "create the foundation for broad-based prosperity," including through the extension of free public education, "meaningfully" tackling the climate emergency, and paid family and medical leave.
Recent evidence of the failure of so-called trickle-down economics is clear, Hanauer wrote, citing as one example Republicans' 2017 tax cuts, when "corporations chose to enrich their own executives and shareholders" rather than investing in their employees.
Without naming any specific lawmaker, Hanauer went on to accuse Democrats who are pushing for a lower price tag on the reconciliation bill or are resisting bigger taxes on the rich of "sabotaging an economy that will deliver broad-based prosperity for years to come."
\u201cTo be clear, I\u2019m talking about both the infrastructure plan AND the Build Back Better legislation. It\u2019s time to pass Biden\u2019s whole agenda. This is the moment. Democrats: If you fail at this, lose my phone number.\u201d— Nick Hanauer (@Nick Hanauer) 1633120887
Referencing a tweet he fired off Friday, Hanauer added that if Democrats don't act quickly to fully pass both the Senate-approved bipartisan infrastructure bill as well as the Build Back Better reconciliation package, "they'd better lose my phone number and stop calling for donations."
Hanauer's endorsement of taxing wealth at higher levels is far from unique, with groups like the Patriotic Millionaires backing the approach as well.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Amid ongoing negotiations over how wealth will be taxed to fund the proposed safety net and climate package known as the Build Back Better Act, one superrich Democratic donor suggested he's ready to stop writing checks to the party unless it passes the legislation with a $3.5 trillion price tag--not less--and with the proposed tax increases on the wealthy and corporations.
The proposed tax hikes, tech entrepreneur and venture capitalist Nick Hanauer wrote in an essay published Monday at The New Republic, offer common-sense benefits.
Instead of allowing the cash to be "hoarded" by "zillionaires" like himself, Hanauer argued that the tax increases could "create the foundation for broad-based prosperity," including through the extension of free public education, "meaningfully" tackling the climate emergency, and paid family and medical leave.
Recent evidence of the failure of so-called trickle-down economics is clear, Hanauer wrote, citing as one example Republicans' 2017 tax cuts, when "corporations chose to enrich their own executives and shareholders" rather than investing in their employees.
Without naming any specific lawmaker, Hanauer went on to accuse Democrats who are pushing for a lower price tag on the reconciliation bill or are resisting bigger taxes on the rich of "sabotaging an economy that will deliver broad-based prosperity for years to come."
\u201cTo be clear, I\u2019m talking about both the infrastructure plan AND the Build Back Better legislation. It\u2019s time to pass Biden\u2019s whole agenda. This is the moment. Democrats: If you fail at this, lose my phone number.\u201d— Nick Hanauer (@Nick Hanauer) 1633120887
Referencing a tweet he fired off Friday, Hanauer added that if Democrats don't act quickly to fully pass both the Senate-approved bipartisan infrastructure bill as well as the Build Back Better reconciliation package, "they'd better lose my phone number and stop calling for donations."
Hanauer's endorsement of taxing wealth at higher levels is far from unique, with groups like the Patriotic Millionaires backing the approach as well.
From Your Site Articles
Amid ongoing negotiations over how wealth will be taxed to fund the proposed safety net and climate package known as the Build Back Better Act, one superrich Democratic donor suggested he's ready to stop writing checks to the party unless it passes the legislation with a $3.5 trillion price tag--not less--and with the proposed tax increases on the wealthy and corporations.
The proposed tax hikes, tech entrepreneur and venture capitalist Nick Hanauer wrote in an essay published Monday at The New Republic, offer common-sense benefits.
Instead of allowing the cash to be "hoarded" by "zillionaires" like himself, Hanauer argued that the tax increases could "create the foundation for broad-based prosperity," including through the extension of free public education, "meaningfully" tackling the climate emergency, and paid family and medical leave.
Recent evidence of the failure of so-called trickle-down economics is clear, Hanauer wrote, citing as one example Republicans' 2017 tax cuts, when "corporations chose to enrich their own executives and shareholders" rather than investing in their employees.
Without naming any specific lawmaker, Hanauer went on to accuse Democrats who are pushing for a lower price tag on the reconciliation bill or are resisting bigger taxes on the rich of "sabotaging an economy that will deliver broad-based prosperity for years to come."
\u201cTo be clear, I\u2019m talking about both the infrastructure plan AND the Build Back Better legislation. It\u2019s time to pass Biden\u2019s whole agenda. This is the moment. Democrats: If you fail at this, lose my phone number.\u201d— Nick Hanauer (@Nick Hanauer) 1633120887
Referencing a tweet he fired off Friday, Hanauer added that if Democrats don't act quickly to fully pass both the Senate-approved bipartisan infrastructure bill as well as the Build Back Better reconciliation package, "they'd better lose my phone number and stop calling for donations."
Hanauer's endorsement of taxing wealth at higher levels is far from unique, with groups like the Patriotic Millionaires backing the approach as well.
From Your Site Articles
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.