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Patriotic Millionaires: Bipartisan Infrastructure Deal Must Be Paired With Ambitious Reconciliation Bill

WASHINGTON -

Today, President Biden joined a group of 21 bipartisan Senators in endorsing a $579 billion infrastructure bill that would be paid for in part by Americans who work for a living, to avoid raising taxes on corporations or wealthy individuals. In response Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires, issued the following statement in response:

“While we are glad to see 10 Republicans come on board to support a bill that would create jobs and rebuild our country’s crumbling infrastructure, this bill is not a sufficient solution to the challenges facing our country. The deal reached today fails to address our overwhelming infrastructure needs because it fails to do what an overwhelming majority of Americans have asked their elected representatives to do — tax the rich.

That’s why this bill must be directly tied with a larger, more ambitious reconciliation bill that includes significant tax increases on millionaires, billionaires, and corporations. We agree with President Biden, Speaker Pelosi, and Majority Leader Schumer - this bill cannot move forward separate from a reconciliation bill.

It is absurd to see funding for this skinny bill scrounged from over a dozen sources, some of which will negatively impact the lives and financial well being of everyday Americans, when the American people are clamoring for higher taxes on millionaires and corporations. Middle-class Americans already bear the brunt of the tax burden in this country. The American people know that the tax code has been rigged against them for decades, and they’re fed up. It’s time for Congress and the Pres

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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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