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The Progressive

NewsWire

A project of Common Dreams

For Immediate Release
Contact:

Sam Quigley, sam@patrioticmillionaires.org, 202-446-0489

Patriotic Millionaire Blast House GOP on Tax Cuts 2.0 Framework

"The first round of tax cuts was overwhelmingly skewed towards rewarding wealthy GOP donors rather than helping the middle class, and this second pass will be just as bad."

WASHINGTON

This afternoon, in response to the release of the House GOP framework for their attempt at tax reform 2.0, the Chair of the Patriotic Millionaires and former Blackrock managing director Morris Pearl issue the following statement:

"The new line from Republicans in Congress is that Americans are 'better off' because of last year's tax cut, so we have to extend it. Well, some Americans are better off - people like me who are wealthy enough to not need work - but most Americans are still struggling. The first round of tax cuts was overwhelmingly skewed towards rewarding wealthy GOP donors rather than helping the middle class, and this second pass will be just as bad. The Tax Cuts and Jobs Act led to more money being funneled into the bank accounts of the ultra-rich while worker wages actually dropped, and there's no reason for us to expect anything else from Tax 'Reform' 2.0. The framework says it expects GDP to increase by 2.2%, yet they only project wages to increase by 0.9% - even in their absolute most optimistic framing, they still admit that less than half the benefits of their bill will go to workers."

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) 446-0489