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For Immediate Release

Press Release

Paul Ryan Still Missing the Point: "Lowering tax rates does not create jobs. Period."

WASHINGTON -

Today, Speaker of the House Paul Ryan gave his first major speech on tax reform while at the NAM 2017 Summit. One thing was clear from this address: Ryan will continue to go to any lengths to pass off tax cuts for the wealthy as pro-growth legislation that would help Americans. Chair Morris Pearl sounded off this afternoon, saying:

Does Representative Ryan have constituents in Wisconsin who are entrepreneurs, but who said: “If I am really successful and make it to the top tax bracket, I will only get to keep 65% of the profits -- so I would rather not bother making any money at all”? I have yet to meet that business person.

What budding young entrepreneurs need is the social safety net in place, so that they can leave their nine-to-five jobs and start a new business in their garages (or in their local coffee shops) and not have to worry about their families going without health insurance.

Let me make this clear: lowering tax rates does not create jobs. Period. Lowering tax rates just makes the one percent even richer. If someone has a profitable idea, the United States of America is the best country in which to make a lot of money, and 65% of a lot of money is still a lot of money. If it is not a profitable idea, lowering tax rates to zero won’t help.

The Patriotic Millionaires believe it is time for Ryan to go back to the drawing board with tax reform.

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The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country’s political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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