Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release


Press Release

Patriotic Millionaires Applaud House Democrats’ Passage of the Build Back Better Act

“We celebrate the House’s vote today and welcome it as a small step towards changing the parts of our tax code that make the already rich even richer.”

This morning, after months of negotiations, House Democrats voted to pass H.R. 5376, President Biden’s Build Back Better Act. In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:

“We welcome and applaud House Democrats’ passage of President Biden’s Build Back Better agenda. This is a bill that will make a real difference in the lives of millions of Americans. We especially welcome the tax changes in the bill that will take a step toward ensuring that wealthy individuals and corporations finally start paying their fair share in taxes. The introduction of the millionaires surtax and corporate minimum tax are particularly significant and long overdue steps forward in the fight for tax fairness.

While these tax changes are welcome, there is still more work to be done. We need to go much further to slow the growth of inequality by fundamentally changing the tax code in this country to tax rich Americans the same way we tax people who work for a living. House Democrats are taking a step in this regard in the Build Back Better Act, but only a very small one.

It is also important to note that there are a few aspects of the bill that are incontrovertible steps backward in the fight for tax fairness. The House plan to lift the state and local tax (SALT) deduction cap would disproportionately benefit millionaires like us, the exact people who don’t need any more help. If Democrats are committed to providing relief to middle and lower income taxpayers by altering the SALT cap, then we believe that Senators Sanders and Menendez’s proposal to exempt taxpayers making under $400,000 from the cap would be a better solution.

We encourage the Senate to move quickly to improve the House bill and pass their version in order to provide desperate relief to struggling Americans and improve our tax code. In the meantime, we celebrate the House’s vote today and welcome it as a small step towards changing the parts of our tax code that make the already rich even richer.”


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.

'What Happens When You Warm a Planet': Massive Flooding Kills At Least 8 in Seoul

"Two months' worth of rain in half a day. We are in a climate emergency," wrote meteorologist Eric Holthaus.

Jake Johnson ·

Trump Says Mar-a-Lago 'Under Siege, Raided, and Occupied' by FBI

"The accountability our democracy desperately needs for its survival might, just might, be a real possibility," said the head of a watchdog group.

Common Dreams staff ·

New Ad Against Herschel Walker Features Ex-Wife's Domestic Violence Accusations

A leader at the anti-Trump group behind the advertisement targeting the U.S. Senate candidate said that "our campaign is built around the voices of Georgia Republicans who know that he's unfit for office."

Jessica Corbett ·

Michigan AG Urges Probe of Alleged GOP-Led Effort to Break Into Voting Machines

"We must denounce the Big Lie and those who refuse to uphold the will of the people in our elections," said one democracy defender.

Brett Wilkins ·

Hopes Rise for Return to Iran Nuclear Deal Destroyed by Trump

"We stand five minutes or five seconds from the finish line," said one negotiator, who added that "three or four issues" that are "sensitive for Iranians and Americans" remain to be resolved.

Brett Wilkins ·

Common Dreams Logo