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Today, in response to President Trump signing the Tax Cuts and Jobs Act into law, members of the Patriotic Millionaires tore into him and his colleagues in the House and Senate for passing one of the most damaging bills in recent memory.
Today, in response to President Trump signing the Tax Cuts and Jobs Act into law, members of the Patriotic Millionaires tore into him and his colleagues in the House and Senate for passing one of the most damaging bills in recent memory.
"This is a dark day for America," said Patriotic Millionaires Chair Morris Pearl, former Managing Director at BlackRock, Inc., "Our President and our Congress have passed a tax bill that will make them and their donors much richer, while leaving millions of poor and middle class American families with higher taxes and without health care. This abdication of their sworn duty to their constituents is disturbing, and to see them celebrate, as they fill their pockets through the hollowing out of the middle class, is truly sickening. This bill will be a disaster for the middle class, and a disaster for this country."
"This tax bill puts money in the pockets of the President, his advisors, Members of Congress, and their wealthy donors, and that money is coming directly from the poor and the middle class," said Patriotic Millionaire George Zimmer, founder of Men's Wearhouse and Generation Tux, "The sheer cruelty necessary to support taking money and healthcare away from people who are struggling, all to enrich yourself, is staggering. This is nothing less than the looting of America."
"This tax bill is disgusting," said Patriotic Millionaire Karen Stewart, retired professor of finance and accounting, "It is simply immoral for our government to take from the poor and the middle class to give to the rich, but that is exactly what Trump just signed into law. By raising taxes on the poor and middle class and pushing 13 million off their insurance, President Trump has just condemned millions of Americans to poverty, sickness, and death."
"The swamp has won. Big league," said Patriotic Millionaire Eric Schoenberg.
"The poor, the working class, in fact, practically every U.S. citizen outside of the 1% class, have just been royally screwed by the passage of this obscene, unfairly structured, so called, 'Tax Reform' bill," said Patriotic Millionaire Stephen Prince, founder and CEO of Card Marketing Services, Inc., "And the sad thing is, it will be months, if not several years, before the public who have been injured by its passage realize it. The Republican Party will spend the next 6-12 months trying to spread lipstick all over this ugly pig of a bill, but ultimately, when the middle or working class look around, they will realize that they have been severely hosed. I, on the other hand, being one of the 1%, will reap the benefits of lower taxes while all of the people who work for me will not. Lucky them, my employees, I am one who covers their healthcare, fully matches their 401K and pays almost double, as a starting wage, the prevailing minimum wage. But others will be less fortunate. The people of America need to wake up! These folks who just pushed this bill through are not out to help you! They wanted to lower their own taxes and those of their ultra rich benefactors, and they have succeeded!"
To schedule an interview or for further comment, please contact Sam Quigley at sam@patrioticmillionaires.org.
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.
(202) 446-0489The treasury secretary's warning came as a Biden administration official said the president won't invoke the 14th Amendment in order to avoid a first-ever U.S. default.
U.S. Treasury Secretary Janet Yellen on Friday warned Congress that the United States government will run out of money to pay its bills on June 5 if lawmakers don't reach an agreement to raise the nation's debt ceiling.
"Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," Yellen wrote in a letter to House Speaker Kevin McCarthy (R-Calif.).
"We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," Yellen noted. "In fact, we have already seen Treasury's borrowing costs increase substantially for securities maturing in early June."
Earlier this month, Yellen said that the so-called "X-date"—the day on which the first-ever U.S. default will occur—could come as early as June 1.
"If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests," she stressed in Friday's letter.
\u201cJanet Yellen updates the X date\u2026 it is now next Monday, June 5.\n\nLetter to Congress:\u201d— Julie Tsirkin (@Julie Tsirkin) 1685132574
As The New York Timesnotes:
Ms. Yellen's letter comes as the White House and House Republicans have been racing to agree on a deal that would lift the nation's $31.4 trillion borrowing cap and prevent the United States from defaulting on its debt. The Treasury Department hit the debt limit on January 19 and has since been employing accounting maneuvers to ensure the United States can continue paying its bills on time...
On Friday, she detailed that the federal government is due to make more than $130 billion in scheduled payments during the first two days of June—including payments to veterans and Social Security and Medicare recipients—leaving the Treasury Department with "an extremely low level of resources"...
While negotiators have been in round-the-clock talks, no deal has been announced. Still, the contours of an agreement between the White House and Republicans are taking shape. That deal would raise the debt limit for two years while imposing strict caps on discretionary spending not related to the military or veterans for the same period.
Biden administration officials and congressional Democrats have accused Republicans of "hostage-taking" during the debt limit standoff, an allegation embraced by Rep. Matt Gaetz (R-Fla.) earlier this week.
Scores of Democratic lawmakers and progressive advocates have called on President Joe Biden to exercise his constitutional authority and invoke the 14th Amendment—which states in part that "the validity of the public debt of the United States... shall not be questioned."
However, Deputy Treasury Secretary Wally Adeyemo said Friday that Biden will not invoke the 14th Amendment.
"The 14th Amendment can't solve our challenges," Adeyemo asserted on CNN. "Now, ultimately, the only thing that can do that is Congress doing what it's done 78 other times, raising the debt limit."
"We don't have a Plan B that allows us to meet the commitments that we've made to our creditors, to our seniors, to our veterans, to the American people," Adeyemo added ominously.
"Banning buying homes based on citizenship and registering your property did not bode well in history," said one lawmaker. "This is the Republicans rewriting the Chinese Exclusion Act."
Days after a group of Chinese citizens sued Florida's government over its new law restricting Chinese citizens from purchasing property in the state, U.S. Rep. Al Green this week warned of a "proliferation" of such bans and unveiled federal legislation to prohibit them.
The proposal would affirm that federal law, such as the Fair Housing Act, takes precedence over state bans restricting who can and cannot legally purchase real estate or farmland. It would also allow people to sue in federal court and have a right to court-ordered relief including an injunction if they've been harmed by bans like the one approved by Republican Florida Gov. Ron DeSantis.
The Fair Housing Act explicitly prohibits discrimination in housing based on national origin, race, sex, gender identity, religion, and disability.
Despite the long-standing law, Florida this month became the latest state to pass restrictions on property ownership, targeting Chinese, Russian, Iranian, Syrian, Cuban, Venezuelan, and North Korean citizens. DeSantis claimed Chinese people have been "gobbling up" land in the state and said the law is intended to stop the Chinese Communist Party from gaining influence and spying in the state.
"That is not in the best interests of Florida to have the Chinese Communist Party owning farmland, owning land close to military bases," said the governor, who announced his 2024 presidential campaign this week.
Utah Gov. Spencer Cox, also a Republican, signed a ban on Chinese companies buying property in March, and the Texas Legislature had advanced a similar bill targeting companies and government entities headquartered in China, Russia, North Korea, and Iran.
According to the National Agricultural Law Center, 21 states have laws restricting foreign ownership of farmland. More than 30 states have drafted or advanced legislation to either tighten those restrictions or introduce new ones.
"I don't think we ought to allow 50 states to have the opportunity to pass laws that can impact foreign affairs, which really is the province of the executive branch of the federal government," Green told HuffPost on Thursday. "I don't think we should wait until we get 30, 50, whatever number of different laws to act."
The measures have drawn comparisons to the so-called "alien land laws" that were in place in the early 20th century before being struck down by courts and state legislatures. The laws prohibited Chinese and Japanese immigrants from owning land and "severely exacerbated violence and discrimination against Asian communities," according to the ACLU, which is representing the plaintiffs in the lawsuit filed in Florida this week.
"Banning buying homes based on citizenship and registering your property did not bode well in history... This is the Republicans rewriting the Chinese Exclusion Act," said Rep. Grace Meng (D-N.Y.) this week, referring to the 1882 law that banned Chinese workers from immigrating to the United States.
\u201c\u2026when you ask me why we worry about anti-China rhetoric\u2026 many people can\u2019t differentiate between someone who works for the CCP from an average Chinese American. These laws will increase anti Asian suspicion & hate. https://t.co/z7j9TuyfA3\u201d— Grace Meng (@Grace Meng) 1684285341
Contrary to DeSantis' claim that Chinese citizens are buying large amounts of property across Florida, according to the U.S. Department of Agriculture's Farm Service Agency, foreigners owned only 3.1% of farmland at the end of 2021, and about a third of that land was owned by Canadians. Less than 1% of the land—0.03% of all farmland in the U.S.—was owned by Chinese citizens or entities.
"Hey, hey! What we knew would happen: Make the wealthiest pay their fair share and it finances investments in education, transportation, and more," said Rep. Pramila Jayapal.
Proponents of progressive taxation on Friday pointed to data showing Washington state stands poised to reap $849 million in revenue during the first year of its capital gains tax as proof that taxing the rich works—and could serve as a template for federal legislation.
The Seattle Timesreports that when Washington state lawmakers passed this fiscal year's budget, they anticipated collecting $248 million in revenue from the 7% tax on the sale or exchange of stocks, bonds, and certain other assets above $250,000.
However, the legislators were pleasantly surprised when figures showed the state has collected over $600 million more than that.
While the amount collected could change after around 2,500 taxpayers who applied for extensions file their returns, progressives welcomed the windfall that will fund public schools, early childhood education, and building and repairing schools across the state.
"Hey, hey! What we knew would happen: Make the wealthiest pay their fair share and it finances investments in education, transportation, and more," tweeted Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.).
\u201cTurns out taxing the rich is a really good idea and can help fund our public schools https://t.co/HX2dPp63UX\u201d— Robert Cruickshank (@Robert Cruickshank) 1685113329
Jayapal touted federal legislation she introduced with Sen. Elizabeth Warren (D-Mass.) in 2021—the Ultra-Millionaire Tax Act—that would levy a 2% annual tax on the net worth of households and trusts above $50 million, plus a 1% annual surtax on billionaires.
An analysis by University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman found that the legislation would bring in at least $3 trillion in revenue over 10 years without raising taxes on 99.95% of American households worth less than $50 million.
Last month, Warren, Sen. Bernie Sanders (I-Vt.), and Rep. Jimmy Gomez (D-Calif.) introduced the For the 99.5% Act, which would impose a 45% tax on estates worth between $3.5 million and $10 million, a 50% tax on estates worth between $10 million and $50 million, a 55% tax on estates worth between $50 million and $1 billion, and a 65% tax on estates valued at over $1 billion.
Meanwhile, congressional Republicans are trying to repeal the estate tax entirely—and pass other tax policies to serve the rich.
Back at the state level, California, New York, Illinois, Maryland, Connecticut, and Hawaii have also introduced wealth tax bills this year, while Washington's law was upheld by that state's Supreme Court in March.
"If the federal government won't act," California Assemblymember Alex Lee (D-24) said while introducing a wealth tax bill in January, "we the states will."