May, 15 2019, 12:00am EDT
Patriotic Millionaires Join Advocates, Students in Support of New Jersey Millionaire's Tax
“Higher taxes aren’t a burden, they’re an investment we want to make to make this state better and more prosperous for everyone, ourselves included"
Trenton, NJ
Today, the Patriotic Millionaires, a group of high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America, joined advocates and community members in a press conference at the Trenton War Memorial in support of passing a millionaire's tax in the New Jersey state budget to help the state meet its existing obligations and invest in additional budget priorities.
Gov. Murphy has included a millionaires tax in his current budget, which will be finalized after a vote by the state legislature before June 30th. New Jersey has record levels of economic inequality, foreclosure rates, and credit downgrades. Smart tax policy measures such as the reinstatement of the millionaire's tax, which will raise much needed revenue, increase tax fairness and invest in New Jersey.
The Patriotic Millionaires were joined by members and advocates from Make the Road New Jersey, New Jersey Policy Perspective, New Jersey Working Families and New Jersey Citizen Action. After the press conference, members of the Patriotic Millionaires and advocacy groups headed to the statehouse, where the New Jersey state legislatures was in its final day of budget hearings, to speak with legislators about the importance of tax fairness.
"By passing a 'millionaires tax,' the state can more afford to properly fund its needs without hurting the people of New Jersey. Everyone, including the rich, benefit when the state is well-funded and prospering. We're not asking to be taxed more just because we think it's the right moral choice - we think that we will all be better off too if we properly fund our schools and our infrastructure and help our neediest residents. Higher taxes aren't a burden, they're an investment we want to make to make this state better and more prosperous for everyone, ourselves included," said Morris Pearl of Patriotic Millionaires.
"As a county college student from Union County, NJ, I know we need to invest in our schools, not in giving millionaires a tax break, said Valeria Gomez, youth leader with Make the Road New Jersey. "Today I'm proud to stand with this group -- working class people and millionaires, advocates and business people - to call for a millionaire's tax in New Jersey's budget. We come from different walks of life, but we share a common vision for our state. We demand fairness in our tax system. Inequality is rising in New Jersey, and our tax system makes it worse. New Jersey ranks in the top 10 states for income inequality."
New Jersey Policy Perspective President Brandon McKoy said, "Today, middle class New Jerseyans pay a greater share of their income in state and local taxes than the top one percent, the result of decades of tax policy and cuts tilted in favor of the wealthy. New Jersey's tax code is upside down, and the millionaires tax is a great step to making it right side up again. Yesterday, we heard that the state expects greater revenue returns than originally projected. Some have used this as an excuse to say we no longer need the millionaires tax, but that is a serious mistake. This effort is not just about next year's budget. It's about making sure New Jersey has reliable sources of revenue instead of relying on one shot gimmicks."
"For the past decade our state's millionaires have gotten tax break after tax break from Chris Christie, Democratic legislators, and Donald Trump," said Sue Altman, state director of New Jersey Working Families. "Worse, politicians have forced working families to foot the bill for those tax cuts through higher property taxes. It's time to rebalance the scales and ask the fortunate few to pay their fair share. New Jersey needs real tax fairness, and that starts with a millionaires tax."
"For years, Governor Christie gave New Jersey's millionaires lavish tax breaks and subsidies, paying for them through massive cuts to programs, services and projects that New Jersey desperately needs. Christie cut school funding, tuition assistance and hiked up transit fairs. He decimated programs necessary to enforce our state's environmental, consumer and worker protections. We need a millionaire's tax to reinvigorate programs that protect public safety, health and children and to ensure New Jersey middle-class and working families are given the opportunities they need to thrive. Democrats who can't see that the money we have on hand is not enough to rebuild our crumbling transportation infrastructure, provide health coverage for all our children, and give our students and workforce the education and training they need are not clearly seeing the realities facing millions of New Jerseyans," said Dena Mottola Jaborska, Associate Director at New Jersey Citizen Action.
For further comments or questions, 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.
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'This Maniac Must Be Stopped': Netanyahu Condemned Over Massive Beirut Bombing
While Hezbollah's leader Hassan Nasrallah reportedly survived the attack on the densely populated area of Lebanon's capitol, one observer warned that Israel may still "get the regional war it has sought."
Sep 27, 2024
Israel's dropping of massive bombs in Beirut on Friday sparked a fresh wave of global condemnation against Israeli Prime Minister Benjamin Netanyahu, with critics accusing him of trying to drag the Middle East into an even bloodier conflict that could engulf the entire region.
The Israeli attack supposedly targeted Hassan Nasrallah, head of the political and paramilitary group Hezbollah. Multiple media outlets reported that the leader survived, though hundreds of others are feared dead in the "complete carnage" from the bombing that leveled several buildings. While the death toll from Friday is not yet clear, over 700 people have been killed in Israel's strikes in Lebanon since Monday.
As The New York Timesreported:
Lebanon's health minister, Firass Abiad, said that there had been a "complete decimation" of four to six residential buildings as a result of the Israeli strikes. He said that the number of casualties in hospitals was low so far because people were still trapped under the rubble. "They are residential buildings. They were filled with people," Mr. Abiad said. "Whoever is in those buildings is now under the rubble."
Social media and news sites quickly filled with photos and videos of massive plumes of smoke and smoldering rubble.
Jeanine Hennis-Plasschaert, the United Nations special coordinator for Lebanon, said Friday that she was "deeply alarmed and profoundly worried about the potential civilian impact of tonight's massive strikes on Beirut's densely populated southern suburbs. The city is still shaking with fear and panic widespread. All must urgently cease fire."
However, the bombing is widely expected to worsen this week's escalation, which came after nearly a year of the Israel Defense Forces (IDF) trading strikes with Hezbollah over the Israeli assault on the Gaza Strip, which has killed over 41,000 Palestinians.
"For Israel, it may not matter if Nasrallah was killed. Either way, it believes it'll get the regional war it has sought," Trita Parsi, executive vice president of the Quincy Institute for Responsible Statecraft, said of the Friday attack.
Citing an unnamed Israeli official, NBC Newsreported that "Israel expects Hezbollah will attempt to mount a major retaliatory attack" in response to Friday's bombing of the group's command center.
As Reutersdetailed:
Israel has struck the Hezbollah-controlled southern suburbs of Beirut, known as Dahiyeh, four times over the last week, killing at least three senior Hezbollah military commanders.
But Friday's attack was far more powerful, with multiple blasts shaking windows across the city, recalling Israeli airstrikes during the war it fought with Hezbollah in 2006.
In a video posted on social media, IDF Spokesperson Rear Adm. Daniel Hagari described the Friday attack as "a precise strike" on what "served as the epicenter of Hezbollah's terror," adding that the group's headquarters "was intentionally built under residential buildings."
During Netanyahu's United Nations General Assembly speech on Friday—which was met with a walkout from several diplomats and other officials—the prime minister said that Hezbollah has stored rockets "in schools, in hospitals, in apartment buildings, and in the private homes of the citizens of Lebanon. They endanger their own people. They put a missile in every kitchen, a rocket in every garage."
In response, Middle East expert Assal Rad said, "So he's claiming there's no civilian spaces in Lebanon and Israel has a right to destroy all of it."
Jason Hickel, who has positions at multiple European universities, also sounded the alarm over those lines from the Israeli leader's speech.
Netanyahu is "effectively arguing all homes are a military target," he said. "This is 100% genocidal and this maniac must be stopped."
Hours before the attack in suburban Beirut, the Democracy in Europe Movement 2025 (DiEM25) strongly condemned "Israel's brutal bombardment of Lebanon, another reckless escalation in the Middle East on behalf of the Benjamin Netanyahu regime that risks further destabilization in an already fragile region."
"The Israeli bombardment of Lebanon is the latest dark chapter in a series of disproportionate displays of force. Its ongoing genocide in Palestine over the last year has proven beyond any doubt that its willingness to commit horrific acts knows no bounds," DiEM25 said. "Rather than seeking a peaceful and just resolution, Israel's government has consistently chosen the path of militarism, often with international support from the European Union and the United States."
"The international community, including the E.U., has a critical role to play in promoting peace rather than enabling violence," the group added. "Peace and security in the Middle East will not come through bombs and military strength. It will come through diplomacy. We remain committed to working towards that aim and stand in solidarity with the Lebanese people, as well as all others suffering from this violent escalation."
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'This Is Political,' Journalist Who Published Vance Dossier Says of Permanent X Ban
"It's not about a violation of X's policies," wrote Ken Klippenstein. "What else would you call this but politically motivated?"
Sep 27, 2024
Independent journalist Ken Klippenstein said Friday that he was privately informed by the Elon Musk-owned social media platform X that his account has been permanently banned, a decision that Klippenstein argued was "politically motivated."
X, formerly Twitter, suspended Klippenstein on Thursday after he posted to the platform a link to his Substack article containing a download link for a 271-page dossier that Republican nominee Donald Trump's campaign prepared to vet Sen. JD Vance (R-Ohio), who was ultimately chosen as the former president's running mate.
The dossier, Klippenstein noted, "reportedly comes from an alleged Iranian government hack of the Trump campaign," and major news outlets such as Politicodeclined opportunities to publish it. The U.S. Justice Department on Friday charged three men with allegedly carrying out a hack against the Trump campaign.
In a statement issued late Thursday afternoon as it faced backlash, X said that "Ken Klippenstein was temporarily suspended for violating our rules on posting unredacted private personal information, specifically Sen. Vance's physical addresses and the majority of his Social Security number."
On Friday, Klippenstein—who has previously worked for The Intercept and The Nation—shared a private message from X informing him that his account is "permanently in read-only mode, which means you can't post, Repost, or Like content" or "create new accounts."
"The two-step dance X is doing here—avoiding further backlash by pretending like my suspension is just a temporary thing, no big deal, while privately suspending me permanently—only makes sense when you consider the political dimensions," Klippenstein wrote on his Substack. "Elon Musk is an outspoken supporter of Donald Trump and JD Vance's political campaign. The Wall Street Journalreported that he promised $45 million a month for a pro-Trump Super PAC (Musk subsequently disputed this). So X clearly doesn't want to give the appearance that my ban was politically motivated. But a careful look at the pretext X cites for my suspension makes it obvious that this is political."
"The media is going to see the case of the Vance dossier and conclude that reporting on similar documents isn't worth losing their social media accounts over."
Observers have noted the obvious parallels between the social media platform's handling of the Vance dossier and a 2020 New York Post story on the contents of Hunter Biden's laptop. At the time, Twitter—not yet under Musk's ownership—placed restrictions on sharing of the Post story, limits that were reversed months later.
Klippenstein noted Friday that Musk—a self-proclaimed "free speech absolutist"—was "so incensed by Twitter's previous owners' decision to block the story on its platform that he took the extraordinary step of releasing Twitter's internal correspondence to independent journalist Matt Taibbi so he could report on how the decision came about. (I support his transparency, by the way.)"
"Now, anyone posting a link to my article finds their account locked, which is exactly how Twitter handled the Hunter Biden laptop story by the New York Post," Klippenstein wrote.
Journalist Lee Fang pointed out shortly after Klippenstein's ban that "the Hunter Biden laptop—which had newsworthy info that was fair game—also had personal dox info, far more than this Vance doc."
"The Biden laptop had bank/credit cards, personal addresses, nudity, etc," Fang added. "You can still link to those Biden docs on X, but Vance doc link banned?"
Klippenstein argued that "the biggest tell that this is political" is that X did not offer him a chance to restore his account by removing the post that resulted in his ban, as the platform typically does with users accused of violating its policies.
"As an experiment, last night my editor and I decided to redact all 'private' information from the Vance dossier in my story here at Substack," Klippenstein wrote Friday. "Despite filing an appeal in which I mention this, I remain banned. So it's not about a violation of X's policies. What else would you call this but politically motivated?"
"Boo hoo, poor me, I lost my account. That's not the point here," he continued. "If you were frustrated with the media's refusal to publish the Vance dossier, prepare for a future that's worse. The media is going to see the case of the Vance dossier and conclude that reporting on similar documents isn't worth losing their social media accounts over. Why take the risk when you can just blather on about the horse race? As always, it's the public that loses out the most."
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Dems Name and Shame Companies Paying Executives More Than They Pay in Federal Taxes
"In the first five years following the 2017 giveaway, 35 companies raked in $277 billion in domestic profits and paid their executives $9.5 billion."
Sep 27, 2024
A group of congressional Democrats and Independent Sen. Bernie Sanders on Friday highlighted dozens of profitable U.S. corporations that have paid their executives more than they've paid in federal income taxes in recent years, a problem that the lawmakers attributed in large part to former President Donald Trump's massive tax-cut package that Republicans are working to extend.
"In the first five years following the 2017 giveaway, 35 companies raked in $277 billion in domestic profits and paid their executives $9.5 billion—more than they paid in federal income taxes," the lawmakers noted in letters to each of the companies, pointing to recent research by the Institute for Policy Studies and Americans for Tax Fairness.
"Next year, Congress will decide what to do with these corporate giveaways. Republicans have promised to go even further if elected and cut the corporate income tax rate from 21% to 15%," the lawmakers continued. "This additional tax giveaway would provide Fortune 100 corporations as a whole with another $50 billion each year, more than all current K-12 federal education spending."
"The windfall from TCJA to big businesses, executives, and wealthy shareholders is unmistakable."
Sens. Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.) in the Senate and Rep. Greg Casar (D-Texas) in the House led the letters to the 35 companies, a list that includes high-profile names such as Netflix, Ford, and Tesla, whose CEO is the richest man in the world.
"Tesla is among the most dramatic examples of this phenomenon—big, profitable corporations that have actually been paying their top executives more than they pay the government in federal income taxes," the lawmakers wrote. "According to an analysis by the Institute for Policy Studies and Americans for Tax Fairness, in the period between 2018 and 2022, Tesla raked in $4.4 billion in profits and did not pay a single dollar in federal income tax."
During that same period, Tesla chief executive Elon Musk received "the largest pay package ever recorded for a company's CEO," the lawmakers observed.
The other companies that have paid their top executives more than they've paid in federal taxes in recent years are T-Mobile, AIG, NextEra, Darden, MetLife, Duke Energy, First Energy, DISH, Principal Financial, American Electrical Power, Kinder Morgan, Dominion, Oneok, Williams, Xcel Energy, NRG Energy, Salesforce, DTE Energy, Ameren, Sempra Energy, U.S. Steel, Entergy, AmerisourceBergen, PPL, CMS Energy, Evergy, Voya Financial, Atmos Energy, Alliant Energy, Match Group, UGI, and Agilent Tech.
The lawmakers demanded that the companies' CEOs answer several questions, including how much the corporations would have paid in federal taxes had the 2017 Tax Cuts and Jobs Act (TCJA) not been enacted and how much they've spent on lobbying to keep the Republican law intact.
"The windfall from TCJA to big businesses, executives, and wealthy shareholders is unmistakable," the letters read. "A recent analysis by the Institute on Taxation and Economic Policy found that 342 companies paid an average effective income tax rate of just 14.1% during the five years after TCJA passed, almost a third less than the 21% statutory rate. The gains do not 'trickle down'—90% of workers saw no earnings increase, while executives making $989,000 per year or more got an average raise of $50,000."
The letters were released days after the Economic Policy Institutereleased an analysis showing that CEO pay has soared by 1,085% since 1978 while the pay of typical U.S. workers has grown by just 24%.
The 2017 Trump-GOP tax law led major companies to splurge on stock buybacks, a major gift to corporate executives whose annual compensation packages consist largely of stock.
"President [Joe] Biden and Democrats in Congress are committed to making corporations pay their fair share," the lawmakers wrote in their letters. "In the 2022 Inflation Reduction Act, we passed the first corporate tax increase in 30 years with the 15% corporate minimum tax. Though significant, raising $222 billion from billion-dollar corporations, it is not enough on its own to undo the corporate tax giveaways signed into law by President Trump and ensure that corporations pay their fair share."
"Next year," they added, "Congress has an opportunity to take bigger strides in reforming our tax code—to raise the corporate rate, close loopholes, and hold big businesses to the same standards as everyday working Americans who pay their fair share."
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