In Letter to Democratic Leadership, 150 Wealthy Donors Demand Higher Capital Gains Tax Rate

Today, 150 wealthy business leaders, philanthropists, and investors penned a letter to Congressional Democratic leadership demanding that they significantly increase the capital gains tax hikes on wealthy individuals laid out in the House's budget reconciliation package, as well as eliminate the stepped-up basis and carried interest loophole.

Click here to read the full letter.

The letter bashes the tax package released by Ways and Means Chairman Rep. Neal, saying Neal and the members of his Committee "have failed to meet this historic moment," and that "the proposal as currently written is unacceptable."

The signers demand that lawmakers include these three changes to our tax code in the final budget reconciliation deal:

1. End the preferential tax rate for capital gains income over $1 million as President Biden requested.
2. Eliminate the "stepped-up basis" that allows the heirs of billionaires to avoid capital gains taxes on inherited assets (provide a reasonable exemption for family farms).
3. End the Carried Interest Loophole which allows fund managers to mis-characterize their "ordinary" income as capital gain income for tax purposes.

This letter, signed by many members of the Patriotic Millionaires as well as independent donors not affiliated with the group, was organized as part of a continued campaign to pressure legislators to support President Biden's Build Back Better Agenda and fully fund his $3.5 trillion dollar plan through new taxes on the wealthy. The Patriotic Millionaires are seeking to ensure that no American with less than $1 million dollars in income or $5 million dollars in assets pays a single penny to fund these investments.

Click here to read the full letter and list of signers.

As part of this campaign, the Patriotic Millionaires previously released a hard-hitting ad campaign against Rep. Neal as well as an in-person protest outside his Springfield office.

CLICK HERE TO WATCH THE AD and CLICK HERE TO VIEW THE TAX THE RICH! MOBILE BILLBOARD

Yesterday, the group released a letter to the Congressional Progressive Caucus calling on members of the Caucus to refuse to vote for the bipartisan infrastructure bill unless it is paired with a full $3.5 trillion reconciliation package. Click HERE to read that letter.

Please also see our initial correspondence to the Democratic caucus HERE, our subsequent correspondence to the House Ways and Means Committee HERE, and a letter sent last Sunday to the White House urging President Biden to use any and all means necessary to pressure problem Democrats from blocking his agenda HERE.