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For Immediate Release
April, 30 2021, 12:00am EDT
Contact:
Patriotic Millionaires Applaud President Biden's First 100 Days on Taxes
"It is time Congress acts to implement his vision—it's time to tax the rich."
WASHINGTON
Today, the Biden administration celebrates its 100th day in office. Since taking office, President Biden has introduced an exceptionally ambitious tax agenda, proposing plans to rewrite the tax code that will finally force millionaires, billionaires, and corporations to pay their fair share of taxes.
In its first 100 days, the Biden Administration has proposed plans to:
- Increase taxes on high income earners from 37 percent to 39.6 percent
- Increase the corporate tax rate from 21 percent to 28 percent
- Work with countries across the world to implement a global minimum tax rate
- Increase the capital gains tax on income earners making $1 million dollars from 20 percent to 39.6 percent
- Eliminate the stepped-up basis
- Beef up IRS enforcement on millionaires and corporations
"In the last 100 days I have been optimistic to see the Biden Administration go all in on making our tax system more fair--exactly what this country needs," said Morris Pearl, former managing director at Blackrock, Inc., Chair of the Patriotic Millionaires, and co-author of Tax the Rich!, "Regardless of how the other side is spinning it, these tax increases would affect only the wealthiest Americans and profitable corporations. In the last 100 days the Biden administration has shown a willingness to usher in a new, better vision for what our tax code should look like, one that shrinks inequality instead of contributing to it.
Trickle-down economics has never worked. It's time to grow the economy from the bottom up instead. It is time for Congress to enact this new vision for our tax code-- It's time to tax the rich."
If President Biden accomplishes most of the items laid out in his proposed tax rewrite, he will go down as one of the strongest champions of economic and tax reform the Oval Office has ever seen. Taxing our richest citizens and corporations is not the only thing we need to do to solve the significant challenges facing our country, but it is not optional. The Biden administration gets it. The Patriotic Millionaires applaud the administrations for its efforts in the first 100 days and look forward to working with the administration and members of Congress to enact this bold new tax vision over the next 100 days.
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.
(202) 446-0489LATEST NEWS
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With governments "scaling back their already meager" actions to tackle climate breakdown, said one ecologist, "our present-day human culture is on a suicide course."
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Less than six months away from the next United Nations summit for parties to the Paris climate agreement, scientists on Tuesday released a study showing that even meeting the deal's 1.5°C temperature target could lead to significant sea-level rise that drives seriously disruptive migration inland.
Governments that signed on to the 2015 treaty aim to take action to limit global temperature rise by 2100 to 1.5°C beyond preindustrial levels. Last year was not only the hottest in human history but also the first in which the average global temperature exceeded 1.5°C. Multiple studies have warned of major impacts from even temporarily overshooting the target, bolstering demands for policymakers to dramatically rein in planet-heating fossil fuels.
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In terms of timing, study lead author Chris Stokes, from the United Kingdom's Durham University, said in a statement that "rates of 1 centimeter per year are not out of the question within the lifetime of our young people."
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There are currently around 8.18 billion people on the planet. The study—funded by the United Kingdom's Natural Environment Research Council—says that "continued mass loss from ice sheets poses an existential threat to the world's coastal populations, with an estimated 1 billion people inhabiting land less than 10 meters above sea level and around 230 million living within 1 meter."
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Not really a surprise We are already committed to a 12m+ sea-level rise, sufficient to drown every coastal town and city on the planet The only question is how long will this take www.theguardian.com/environment/...
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— Prof Bill McGuire (@profbillmcguire.bsky.social) May 20, 2025 at 7:50 AM
While the paper sparked some international alarm, Stokes highlighted what he called "a reason for hope," which is that "we only have to go back to the early 1990s to find a time when the ice sheets looked far healthier."
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Despite scientists' warnings, the government whose country is responsible for the largest share of historical planet-heating emissions, the United States, is actually working to boost the fossil fuel industry. Upon returning to office in January, U.S. President Donald Trump declared an "energy emergency" and ditched the Paris agreement.
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As the Milwaukee Journal Sentinelreported Tuesday:
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Working-class Dem Randy Bryce Takes On Trump Ally Bryan Steil For Key Wisconsin House Seat. — Bryce is the union Ironworker whose 2018 challenge to Speaker Paul Ryan went viral and, ultimately, saw Ryan decide to quit. Bryce says he’s running in 2026 to save Medicaid, Medicare and Social Security.
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— John Nichols (@nicholsuprising.bsky.social) May 20, 2025 at 8:20 AM
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