Skip to main content

Why are the billionaires always laughing?

Because they know the corporate media will never call bullshit on their bullshit.

Why are the billionaires laughing?

It’s easy to laugh when the corporate press treats you as a glorious success instead of the epitome of a broken social order. Billionaires laugh because they know the corporate media prefers to fawn over them rather than hold them to account.

Today, we ask you to support our nonprofit, independent journalism because we are not impressed by billionaires flying into space, their corporations despoiling our health and planet, or their vast fortunes safely concealed in tax havens across the globe. We are not laughing.

We are hard at work producing journalism for the common good. With our Fall Campaign underway, please support this mission today. We cannot do it without you.

Support Our Work -- Join the small group of generous readers who donate, keeping Common Dreams free for millions of people each year. Every donation—large or small—helps us bring you the news that matters.

For Immediate Release

Contact

Press Release

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

"The nation needs bold, transformative policies oriented first and foremost in basic fairness. The proposal as currently written is unacceptable."
WASHINGTON -

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.

###

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.

'When We Organize, We Win': Ocasio-Cortez Joins India Walton at Rally in Buffalo

The two progressives joined striking hospital workers on the picket line at Mercy Hospital after the early voting rally.

Julia Conley ·


Fatal Film Set Shooting Followed Outcry by Union Crew Members Over Safety Protocols

"When union members walk off a set about safety concerns, maybe 'hiring scabs' isn’t the solution you think it is."

Julia Conley ·


New Whistleblower Sparks Calls to 'Crack Down on Facebook and All Big Tech Companies'

Hours after another ex-employee filed a formal complaint, reporting broke on internal documents that show the tech giant's failure to address concerns about content related to the 2020 U.S. election.

Jessica Corbett ·


'Catastrophic and Irreparable Harm' to Wolves Averted as Wisconsin Judge Cancels Hunt

"We are heartened by this rare instance of reason and democracy prevailing in state wolf policy," said one conservation expert.

Brett Wilkins ·


West Virginia Constituents Decry 'Immorality' of Joe Manchin

"West Virginia has been locked into an economy that forces workers into low-wage jobs with no hope for advancement, and after decades of this our hope is dwindling," said one West Virginian. "The cuts that Sen. Manchin has negotiated into the agenda hurt our state."

Julia Conley ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo