September, 24 2019, 12:00am EDT
Patriotic Millionaires Welcome Bernie Sanders's Wealth Tax Proposal to National Tax Debate
"We need each and every one of the 2020 presidential candidates to enunciate the problem clearly and put forth real, substantive solutions to wealth inequality in this country."
WASHINGTON
This morning, Senator Bernie Sanders (I-VT) released a wealth tax proposal entitled "Tax on Extreme Wealth" as part of his 2020 Presidential campaign platform. In response, Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires, issued the following statement:
"The wealthiest people in this country haven't been paying their fair share for a long time, and part of that problem is because our tax code only taxes the wealthy based on how much income they choose to take each year. The very rich get money not from earning it each year, but from spending wealth that they have already made. If our tax laws only target one without touching the other, then rich folks like me will continue to find ways to game the system and our inequality crisis will continue to get worse.
There are many ways to address wealth inequality, and Senator Sanders's wealth tax proposal this morning is a welcome addition to our national tax debate. We need each and every one of the 2020 presidential candidates to enunciate the problem clearly and put forth real, substantive solutions to wealth inequality in this country. We are thrilled to see this proposal and look forward to more dialogue on this critical issue moving forward in the debates."
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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Sanders Launches Probe of 'Outrageously Overpriced' Ozempic and Wegovy
The Senate Health, Education, Labor, and Pensions Committee chair said that the popular medications "will not do any good for the millions of patients who cannot afford them."
Apr 24, 2024
U.S. Sen. Bernie Sanders on Wednesday opened an investigation into an "outrageously overpriced" medication manufactured by a Denmark-based company whose value by market capitalization is larger than the Scandinavian country's gross domestic product.
Sanders (I-Vt.), who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, sent a letter to Lars Fruergaard Jørgensen, CEO of Novo Nordisk. The company makes semaglutide, a glucagon-like peptide-1 (GLP-1) agonist used to treat Type 2 diabetes under the brand name Ozempic and, when sold as Wegovy, to treat obesity in adults with at least one weight-related comorbidity.
"The scientists at Novo Nordisk deserve great credit for developing these drugs that have the potential to be a game-changer for millions of Americans struggling with Type 2 diabetes and obesity," Sanders acknowledged. "As important as these drugs are, they will not do any good for the millions of patients who cannot afford them."
"Further, if the prices for these products are not substantially reduced they also have the potential to bankrupt Medicare, Medicaid, and our entire healthcare system," he added.
Sanders continued:
Today, Novo Nordisk is charging patients in the United States up to 15 times more for Ozempic and Wegovy than it charges patients in Canada, Europe, or Japan. For example, your company charges $969 in the United States for one month of Ozempic but just $155 in Canada and just $59 in Germany. Further, Novo Nordisk charges Americans $1,349 for one month Wegovy but just $140 in Germany and just $92 in the United Kingdom.
"Meanwhile," the senator noted, "researchers at Yale University estimate that both of these drugs can be profitably manufactured for less than $5 a month."
"The result of these astronomically high prices is that Ozempic and Wegovy are out of reach for millions of Americans who need them," Sanders said. "Unfortunately, Novo Nordisk's pricing has turned drugs that could improve people's lives into luxury goods, all while Novo Nordisk made over $12 billion in profits last year—up 76% from 2021. That is unacceptable."
As of March 2024, Novo Nordisk was Europe's most highly valued company by market capitalization. Its $554 billion market cap is significantly higher than Denmark's annual gross domestic product of approximately $410 billion, according to International Monetary Fund figures.
Sanders also pointed out that Novo Nordisk is charging different prices for Ozempic and Wegovy, even though they're "the exact same drug."
"Novo Nordisk charges Americans with obesity nearly $400 more every month than those with Type 2 diabetes for the same product provided in similar doses," he wrote.
"The unjustifiably high prices of Ozempic and Wegovy are already straining the budgets of Medicare and Medicaid and severely limiting access for patients who need these drugs," the letter says. "Last year, researchers at Vanderbilt University's Department of Health Policy and the University of Chicago's Department of Medicine estimated in the New England Journal of Medicine that it would cost Medicare over $150 billion a year to cover Wegovy and other similar weight loss drugs."
"To put this in perspective, the cost of all retail prescription drugs covered by Medicare in 2022 was less than $130 billion," Sanders added.
"As chairman of the committee, I am asking Novo Nordisk to substantially reduce the price of Ozempic and Wegovy so that these important drugs can be available to Americans with Type 2 diabetes and obesity," he wrote.
Existing law empowers the government to step in to lower drug prices in service of the public interest. Under the Bayh-Dole Act of 1980—legislation meant to promote the commercialization and public availability of government-funded inventions—federal agencies reserve the right to "march in" and authorize price-lowering generic alternatives to patented medications developed with public funding.
However, U.S. administrations—including President Joe Biden's—have been loath to exercise "march-in" rights.
Under pressure from the public and lawmakers led by Sanders, Novo Nordisk last year announced that it would cut prices by up to 75% for some of its insulin products.
Responding to Wednesday's letter, Pharmaceutical Research and Manufacturers of America—Big Pharma's leading lobbyist—accused Sanders of "attacking an innovative company to advance a political agenda instead of addressing the real cause of affordability challenges."
Noting Novo Nordisk's bigger-than-Denmark market cap, Warren Gunnels, the HELP Committee's majority staff director, wrote on social media that the company "made over $12 billion in profits last year by, among other things, charging Americans $969 for Ozempic while it can be purchased for $59 in Germany and costs $5 to make."
"Our political agenda is to end this greed," he added. "Guilty. As. Charged."
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Texas State Troopers in Riot Gear Crack Down on UT Students' Gaza Protest
"Why do we even have these institutions of higher learning if we won't let students speak their conscience and protest?" said one University of Texas professor.
Apr 24, 2024
This is a developing story... Please check back for possible updates...
Civil rights advocates on Wednesday expressed alarm at a rapid escalation by Texas state troopers who descended on a student-led protest at University of Texas at Austin, which was organized in solidarity with Gaza and other U.S. college students taking part in a growing anti-war movement.
UT students gathered on campus at midday and were promptly given two minutes to disperse by state troopers, who had already been called to the scene.
The troopers were equipped with riot gear, with some carrying assault rifles and several stationed on horses.
Erick Lara, a 20-year-old sophomore, told The Dallas Morning News that the nonviolent protest transformed "within minutes" after the police began arresting demonstrators.
"I didn't think it would escalate this far," he told the outlet. "And I didn't think there would be this much police intervention from what's supposed to be a peaceful protest. Not very peaceful when there's a bunch of aggressors around, especially on horses."
The organizers called the gathering "The Popular University" and said it was aimed at pressuring UT to "divest from death."
The protesters walked out of their classes to demand UT divest from weapons manufacturers in order to end its complicity in Israel's U.S.-backed assault on Gaza, which has killed at least 34,262 Palestinians.
Student-run newspaper The Daily Texanreported roughly 50 state troopers were deployed to stop the initial protest of about 150-200 people.
Ryan Chandler, a reporter for NBC affiliate KXAN-TV and UT alum, reported that there were at least 10 students detained.
"Went here for four years, never saw anything like this," said Chandler, posting a video of a group of police pushing one student to the ground and arresting them.
Joseph Pierce, a Stony Brook University professor who attended graduate school at UT, also said the escalation was an unusually "drastic response to students advocating for an end to the genocide of the Palestinian people."
"It is a response that did not occur when in 2005 we protested the anti-gay marriage bill; in the late 2000s when we protested anti-immigration bills; in the 2010s when we protested the open-carry bill," Pierce said. "It is a clear attempt at silencing Palestinian and anti-Zionist Jewish voices."
The students faced the state troopers in a standoff on the university's main street.
"This violence against peaceful student protesters at UT Austin is absolutely horrifying—and should be condemned in the strongest terms by every politician and mainstream journalist," said former New Yorker editor Erin Overbey.
UT media and Middle East studies professor Nahid Siamdoust said the university "brought out everything but the kitchen sink to make sure" students couldn't erect an anti-war encampment like students at Columbia University, New York University, and other schools across the U.S. have in recent days.
The university had informed organizers with the on-campus Palestine Solidarity Committee on Tuesday that exercising their First Amendment rights in support of Palestinians in Gaza would "violate our policies and rules."
"The freedom to protest is integral to our democracy," said the ACLU of Texas Wednesday amid reports of the crackdown. "UT Austin students have a First Amendment right to freely express their political opinions—without threats of arrest and violence."
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Endorsing Biden, Building Trades Union Slams Trump as Lackey for 'His Billionaire Buddies'
"He does not care about anybody in this world except Donald Trump," said the president of North America's Building Trades Unions. "His dark side is very, very dark."
Apr 24, 2024
The leadership of a union that represents more than 3 million building trades workers in the U.S. and Canada endorsed President Joe Biden's reelection bid on Wednesday, slamming presumptive GOP nominee Donald Trump for catering to the needs of billionaires like himself during his first four years in the White House.
"When Trump was elected, we took him at his word that he would have a worker-centered agenda and deliver on long-stalled issues such as infrastructure investment," said Sean McGarvey, president of North America's Building Trades Unions (NABTU), whose governing board voted to endorse Biden on Tuesday.
"Instead of delivering," McGarvey added, Trump "aligned himself with his billionaire buddies to enact tax cuts that raised costs for our members. Simply put, he failed to deliver. Given our experience and knowing his track record, the choice is clear."
Building trades unions and their rank-and-file members are generally seen as more conservative and pro-Trump than other elements of the U.S. labor movement. In 2017, McGarvey celebrated Trump's effort to advance construction work on the Keystone XL pipeline, a massive fossil fuel project that Biden effectively killed in 2021 after years of organizing by environmentalists and Indigenous tribes.
But NABTU's leadership endorsed Clinton over Trump in the 2016 presidential election and Biden over Trump in 2020.
In a five-minute ad released Wednesday, the union highlights Trump's pledge to be a dictator on "day one" and condemns the former president as a dangerous egomaniac.
NABTU called for Trump's resignation after the January 6, 2021 insurrection at the U.S. Capitol.
"Donald Trump, he's not a good man. He's not a good person. He does not care about anybody in this world except Donald Trump," McGarvey says in the new ad. "His dark side is very, very dark."
Wow. You may have seen a short version of the North America Building Trade Union ( @NABTU) video endorsement of Biden. The full video is incredible and absolutely devastating for Trump. They did not hold back. A must watch till the end. pic.twitter.com/stL7b7JazP
— MeidasTouch (@MeidasTouch) April 24, 2024
In his statement Wednesday announcing NABTU's endorsement, McGarvey cites the Bipartisan Infrastructure Law, the Chips and Science Act, and the Inflation Reduction Act as key legislative achievements that "brought life-changing, opportunity-creating, generational change focused on the working men and women of this great country who have for far too long been clamoring for a leader to finally keep their word."
"In the coming months," he added, "we will continue to engage our membership and their families directly, member to member, door to door, and jobsite to jobsite, with an unprecedented field program in key battleground states, to tell them how important President Biden and his policies have been to them, their economic security, and their freedoms."
But McGarvey said in an appearance on MSNBC's "Morning Joe" on Wednesday that the union does not intend to "waste a lot of time talking to every American that supports Donald Trump" or "some of our members that support Donald Trump, because we're not gonna change their minds."
Speaking at NABTU's annual legislative conference on Wednesday, Biden welcomed the union's endorsement and said that "Donald Trump's vision of America is one of revenge and retribution, a defeated former president who sees the world from Mar-a-Lago, who bows down to billionaires and looks down on union workers."
NABTU is the latest major union to back Biden as he prepares for his high-stakes rematch with Trump in November. In January, Biden secured the support of the emboldened United Auto Workers, whose president called Trump a "scab" who "stands against everything we stand for as a union."
"Donald Trump is a billionaire," said UAW president Shawn Fain, "and that's who he represents."
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