Patriotic Millionaires Endorse "Simple to Implement, Easy to Enforce, Laser-Targeted" Millionaires Surtax to Combat Inequality

Today, members of both chambers of Congress formally introduced the Millionaires Surtax, a new tax proposal to tackle extreme wealth in America. The plan, championed by lead co-sponsors Sen. Sherrod Brown (D-OH) and Sen. Chris Van Hollen (D-MD) in the Senate and Rep. Don Beyer (D-VA) in the House, would add 10 percentage points to the top tax rates on both income and capital gains paid by married couples earning over $2 million annually, and $1 million for individuals. In response, members of the Patriotic Millionaires issued the following statements in support of the bill.

"The Millionaires Surtax is a simple to implement, easy to enforce, laser-targeted plan to tax the extremely wealthy. This surtax exclusively applies to individuals making over $2 million per year, which is just the very top of the 1 percent in this country. Americans want to tax the rich, and this surtax explains precisely who and how will be getting taxed in the name itself. This is an easy plan to tax the rich and an even easier sell to the American public, so let's get it done." - Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires

"This surtax is a tax plan laser-focused on getting to the core of the problem facing this country: extreme wealth, and our current tax code's failure to treat it just like the wages of working Americans. Enacting the Millionaires Surtax on both capital gains and salaried income is absolutely critical to bridging our shameful inequality divide, and tax plans that fail to do so simply aren't going to make a dent. This is a simple, efficient proposal targeted at the top 0.1% -- exactly who should be targeted - only the wealthiest of the wealthy." - Patriotic Millionaire Rich Boberg, tech entrepreneur and investor

"The Millionaires Surtax is such a small sacrifice for the ultra wealthy. We are the ones most able to pay back into the system that allowed us to create our fortunes, and yet our tax code refuses to treat us as such. We're leaving desperately needed tax revenue on the table if we continue business as usual. I'm thrilled to support this surtax proposal and hope our lawmakers can see this for the simple, effective plan to tax the rich that it is." - Patriotic Millionaire Dr. Karen Seal Stewart, former Certified Financial Planner

"America's inequality is out of control. To make the system better and more fair, we need to have richer people pay a higher share of the taxes. I believe the Millionaires Surtax represents the kind of change we need. As a wealthy person who benefits off the unfairness of our current system, I strongly support this idea and will be glad to comply." - James Colen, Patriotic Millionaire

For further comments or questions, please contact Sam Quigley at sam@patrioticmillionaires.org.