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Press Release

Estate Tax Repeal is "Insulting, Harmful, and Blatantly Bad Policy"

"Who in the world could look at this country and think that giving more money to the heirs of multi-million dollar fortunes is our most urgent and pressing need?"
WASHINGTON -

Today, in response to Senators Mitch McConnell, Chuck Grassley, and John Thune introducing a plan to repeal the federal estate tax, Morris Pearl, former managing director at BlackRock, Inc., and Chair of the Patriotic Millionaires issued the following remarks:

"Who in the world could look at this country and think that giving more money to the heirs of multi-million dollar fortunes is our most urgent and pressing need? The estate tax affects less than 2,000 families each year, and even with the tax, those heirs are able to inherit over $22 million completely tax free. Meanwhile, nearly 100 million Americans live in or near poverty, and 40% of working Americans make less than $15 an hour. 

This legislation is insulting to those millions of Americans who are struggling, it is harmful to the fabric of our democracy, and it is blatantly bad policy that is intended only to please ultra-wealthy Republican donors."

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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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