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For Immediate Release

Contact

Sam Quigley

sam@patrioticmillionaires.org

317-752-9150

Press Release

Patriotic Millionaires Praise Biden's Made in America Tax Plan

"There is no reason an American company should get a tax break for moving profits or jobs overseas"
WASHINGTON -

This morning, the Biden Adminstration released details of its American Jobs Plan, a $2 trillion investment in the country's infrastructure linked to an overhaul of the corporate tax code, including an elimination of offshoring loopholes and an increase to the corporate rate, called the Made in America Tax Plan.

In response to this package's introduction, Morris Pearl, Chair of the Patriotic Millionaires, former managing director at BlackRock, Inc., and author of the upcoming book Tax the Rich!, released the following statement:

“The Made in America Tax Plan is a fantastic first step to bringing fairness back to our corporate tax code. Multinational corporations have been playing by a different set of rules than American companies and small businesses for years, leaving dozens of the country’s most profitable companies paying literally nothing in federal taxes.

The Biden administration is acknowledging just how absurd our tax code’s current corporate structure is - there is no reason an American company should get a tax break for moving profits or jobs overseas. And unlike the Trump administration, Biden clearly recognizes that the United States does not want to win a race to the bottom when it comes to corporate tax rates. We need to expect more from the corporations that directly benefit from the United State’s infrastructure and education.

While there is still an urgent need to have wealth taxed the same as work on an individual level, the tax proposal introduced today sends a strong signal that the Administration recognizes that our current tax code is broken and riddled with loopholes. With the richest people in our country seeing their wealth increase by leaps and bounds during the pandemic, there has never been a better time to ask the most wealthy in the country to pay more. I hope to see the Administration take further action in the coming weeks to make our tax system more progressive.”

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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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