For Immediate 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.
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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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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.