The Progressive


A project of Common Dreams

For Immediate Release

Sam Quigley,, 202-446-0489

Patriotic Millionaires Back Carried Interest Fairness Act: "No More Freeloading Millionaires"

“The carried interest loophole has allowed millionaire fund managers to avoid taxes for far too long.”


Today, US Senator Tammy Baldwin (D-WI) and Representative Bill Pascrell (D-NJ) reintroduced the Carried Interest Fairness Act, legislation that would close the carried interest loophole which currently allows a few thousand millionaire fund managers to misrepresent their income and avoid billions of dollars in taxes. In response, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., the world's largest asset manager, gave the following statement:

"The carried interest loophole has allowed millionaire fund managers to avoid taxes for far too long. It's far past time we send a powerful message to millionaires in America: no more freeloading. The richest among us have benefitted the most from this country, and it is far past time they contribute their fair share. This loophole benefits a few thousand of the richest Americans, and allows them to pretend that their labor income is actually investment income and pay far lower tax rates than everyone else who works for a living, while offering absolutely no economic benefit to anyone else and with no moral or intellectual defense. I support Senator Tammy Baldwin's legislation - it is time to close the carried interest loophole."

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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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