For Immediate Release
Warren Wealth Tax "Exactly What This Country Needs"
"It would do more than almost any other plan to tackle this crisis of wealth inequality forcefully, directly, and effectively."
WASHINGTON - This afternoon, Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle introduced the Ultra-Millionaire Tax Act, which would enact a 2% annual wealth tax on the net worth of households between $50 million and $1 billion, with a 3% annual tax on the wealth of households over $1 billion.
In response, Morris Pearl, the Chair of the Patriotic Millionaires, former managing director of BlackRock, Inc., and author of the upcoming book Tax the Rich, issued the following statement:
"In the midst of a pandemic that has left millions of Americans economically devastated, the net wealth of America's billionaires has increased by over $1 trillion. Wealth inequality in the United States is out of control, with millionaires and billionaires becoming richer by the day as the American people struggle to get by with stagnant wages and a lack of adequate government support. Senator Warren's wealth tax is exactly what this country needs right now, and it would do more than almost any other plan to tackle this crisis of wealth inequality forcefully, directly, and effectively."
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Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system.