For Immediate Release
Patriotic Millionaires Call Out Rep. Brady on Hollow Tax Reform
"The American people shouldn't be fooled by this illusion of reform"
WASHINGTON - Today, in response to House Ways and Means Chairman Kevin Brady offering an amendment to the GOP tax plan changing the carried interest loophole, the Chair of the Patriotic Millionaires Morris Pearl, former Managing Director at BlackRock, Inc., issued a statement criticizing Brady for his wholly inadequate change to the current law:
"Chairman Brady's change -- to only allow special low rates on carried interest for investment managers when their client's money is invested for over three years -- does absolutely nothing to address the fundamental unfairness of highly paid people who, in President Trump's words, get away with murder paying lower tax rates than everyone else who works for a living.
The problem with the carried interest loophole is that people who are working as investment advisors are not paying income taxes on their pay like everyone else is required to do, and this change does nothing for the vast majority of people currently taking advantage of this loophole. Changing the term from one year to three will do very little to cut down on the abuse, as most of the abusers have clients in the Private Equity or Real Estate industry where most investments are over three years. The American people shouldn't be fooled by this illusion of reform, they should continue to demand the full and immediate repeal of the carried interest loophole as President Trump promised."
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