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A project of Common Dreams

For Immediate Release
Contact:

Fiona McCarthy at fiona@patrioticmillionaires.org

"Tax My Estate"

"Trust fund babies who have done nothing to earn their wealth besides being born into the right family have no right to pay a lower tax rate on their millions than hard working Americans do on the income that they work for."

WASHINGTON

This afternoon, Congressman Jimmy Gomez (CA-34) introduced the For the 99.8% Act, a bill modeled after Senator Bernie Sanders' legislation that would ensure the 0.2 percent of estates valued over $3.5 million are fairly taxed by an expanded and strengthened estate tax. In response to the bill's introduction, Charlie Simmons, retired tech executive and Patriotic Millionaire, issued the following statement:

"As a millionaire who will end up paying the estate tax, I say that we should expand it. Tax my estate. Trust fund babies who have done nothing to earn their wealth besides being born into the right family have no right to pay a lower tax rate on their millions than hard working Americans do on the income that they work for."

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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