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With Biden Endorsement of Billionaires Income Tax, Democrats Should Go All-In on Taxing the Rich
"The American people want to tax the rich, and they'll reward Democrats in November if they can do it."
WASHINGTON
Today, President Joe Biden plans to include in his budget a Billionaire Minimum Income Tax, an annual tax on unrealized capital gains of households worth over $100 million. This proposal is expected to raise over $360 billion over the next decade, with about half of that coming from households worth over $1 billion.
In response to this announcement, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., said,
"Billionaire wealth has skyrocketed by nearly $2 trillion during the pandemic in large part due to the fact that billionaires have access to a variety of tax loopholes unavailable to normal working Americans. Their ability to choose when to pay taxes on their capital gains gives them an enormous advantage over working people who pay taxes on every paycheck. It is also the primary reason many billionaires are famously able to go years without paying any federal income taxes whatsoever.
President Biden's decision to include the Billionaires Income Tax in his budget is a monumental step towards making the richest people in the United States pay taxes every year just like Americans who work for a living.
With Senator Joe Manchin indicating he prefers to focus this year's reconciliation bill on tax reform, Democrats in Congress should build on the White House's endorsement and go all-in on passing the Billionaires Income Tax this year. The American people want to tax the rich, and they'll reward Democrats in November if they can do it."
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
Out-of-Control Canadian Wildfires Prompt Calls for 'Nuremberg Trials for Big Oil'
“Climate change isn’t a tragedy, it’s a crime. The fossil fuel industry are arsonists at a global scale. It’s their pollution that’s fueling these horrific wildfires," one climate advocate told Common Dreams.
Jul 16, 2026
As wildfires raged across Canada on Thursday, sending dangerous smoke across the border into major US cities, climate advocates called for accountability for the fossil fuel industry, which knew for decades that its products were largely responsible for the climate crisis, yet chose to push climate denial instead.
While fire is a natural part of the lifecycle of Canada's boreal forests, the heating of the atmosphere due to the burning of oil, gas, and coal has made fires more frequent and extreme.
"We need Nuremberg trials for Big Oil," the youth-led Sunrise Movement wrote on social media in response to the fires.
We need Nuremberg trials for Big Oil. https://t.co/nHhbDXB06X
— Sunrise Movement 🌅 (@sunrisemvmt) July 16, 2026
Climate Defiance agreed, posting, "Nuremberg-style trials are in order for the fossil fuel executives who knew what they were doing to our children’s futures and did anyway."
There were 884 fires burning in Canada on Thursday, with 124 out of control, according to the country's national wildland fire summary. Over 100 fires were raging in Ontario alone, where they have forced the evacuation of at least 15 rural communities; destroyed homes in the Indigenous community of Collins First Nation, or Namaygoosisagagun; and polluted the skies over parts of the upper Midwest and Northeastern US.
As of Thursday evening Eastern time, the four cities with the worst air quality in the world were Chicago, Detroit, New York, and Toronto, according to IQAir.
People have shared dramatic footage of the fires on social media. One video shows a train moving through a blaze near Armstrong, Ontario. Thankfully, all crew members were evacuated safely, The Guardian reported.
This is near Armstrong, Ontario.
When will the Canadian National Railway Company make a statement about this incident? pic.twitter.com/6bKJYugeR0
— Sol Mamakwa (@solmamakwa) July 14, 2026
Indigenous photographer Nadya Kwandibens shared images of flames rising over a lake with the words, "“My family hometown, Collins Ontario, is GONE."
Residents of the community fled the blaze in boats before the flames damaged and destroyed several homes and other structures, according to CBC News.
“Collins has burned to the ground. This is a tragedy and we are grateful that everyone got out safely,” Lise Vaugeois, the provincial representative for the region, said, as The Guardian reported. “Fires are part of a natural cycle, but the extreme temperatures we are experiencing across the county and the growing severity of weather events are indicators of climate change.”
Laura Chasmer, a professor of geography and the environment at the University of Western Ontario, noted that fires in Canada like the ones raging across Ontario have increased since 2015.
"This is associated with some of the extreme climate warming that we've been seeing, and the atmospheric drying of the surface," she told BBC News.
Brandi Morin, a Cree-Iroquois-French journalist from Treaty 6 territory in Alberta, noted in her Substack that Canada was warming at twice the global average. Despite this, the Canadian government has made progress on three major fossil fuel pipelines this July.
"Every barrel these new pipelines are built to move adds to the exact warming that’s turning our boreal forests into tinder," Morin wrote.
On the other side of the border, Michigan regulators late Wednesday approved important permits from the controversial Enbridge Line 5 pipeline.
Political leaders and climate advocates responded to the fires and smoke with calls to abandon fossil fuel projects, transition to renewable energy, and hold oil and gas companies accountable for the harms they have caused.
"We have the technology and the policy roadmap to replace fossil fuels with green energy extremely rapidly. The only thing stopping us is a handful of billionaires getting rich while our world burns," the Sunrise Movement said.
We have the technology and the policy roadmap to replace fossil fuels with green energy extremely rapidly.
The only thing stopping us is a handful of billionaires getting rich while our world burns. https://t.co/6oqGxoC8m3
— Sunrise Movement 🌅 (@sunrisemvmt) July 16, 2026
As smoke drifted over Boston on Wednesday, Sen. Ed Markey (D-Mass.) wrote on social media: "Look outside in Massachusetts right now. The climate crisis is here. Wildfire smoke is suffocating our communities and our children are breathing dirty air. We need a Green New Deal."
Look outside in Massachusetts right now. The climate crisis is here. Wildfire smoke is suffocating our communities and our children are breathing dirty air. We need a Green New Deal. https://t.co/pXo5XOOt0q
— Ed Markey (@EdMarkey) July 15, 2026
“Climate change isn’t a tragedy, it’s a crime. The fossil fuel industry are arsonists at a global scale. It’s their pollution that’s fueling these horrific wildfires," Jamie Henn, the director of Fossil Free Media, told Common Dreams. "Instead of approving new pipelines, the Canadian government should be holding the industry accountable and using their record profits to help communities on the frontlines of this crisis.”
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With No Sense of Irony, Trump Rep Calls Teleprompter Operator's Alleged Insider Trading on Speeches a 'Disgrace'
"Public Citizen again calls on the CFTC to wake up and do its job of overseeing the prediction market industry and enforcing the insider trading laws," said the watchdog's government affairs lobbyist.
Jul 16, 2026
As Kalshi confirmed Thursday that it referred a White House teleprompter operator to federal regulators for flagged bets on its prediction market, President Donald Trump's press secretary denounced the suspended staffer's reported actions—without addressing any of the mounting outrage over how her boss has cashed in on his return to the Oval Office.
Citing unnamed sources, ABC News reported that Gabriel Perez, who has been one of Trump's teleprompter operators since his first presidential campaign, is in talks with federal regulators at the Commodity Futures Trading Commission (CFTC) "to settle allegations he used his inside knowledge of the president's speeches to win more than $100,000."
"Of all Trump's closest aides, sources say Perez typically has the final eyes on nearly all of the president's prepared remarks—and is often known to take last-minute edits from Trump himself," the outlet detailed. Federal investigators reportedly found that Perez bet on words or topics mentioned by Trump in more than a dozen speeches.
While the CFTC declined to comment, Robert DeNault, Kalshi's head of enforcement, told multiple media outlets that "our surveillance team promptly flagged and referred these trades to the CFTC after an exchange investigation. We have been assisting regulators on this matter and provided evidence we collected, as we do in any referral."
Asked about the insider trading allegations on Thursday—just hours before Trump was set to deliver a prime-time address on election security—White House Press Secretary Karoline Leavitt told reporters that Perez has been put on unpaid administrative leave, at the direction of the president himself, and called his reported behavior a "disgrace."
"The White House has extremely strict ethical guidelines with respect to issues like this," Leavitt also claimed.
As National Public Radio detailed Thursday:
In March, White House staff received a memo warning against using nonpublic government information to place bets on Kalshi and its biggest competitor, Polymarket.
The memo, which was reviewed by NPR, stated that it is a criminal offense for anyone inside the White House to "buy" or "sell" on the sites. Prediction markets offer "yes" or "no" contracts that change in price based on the speculation of bettors. Aides in the White House were told in the memo that misusing government information "is a very serious offense and will not be tolerated."
The US Department of Justice this year has charged at least two people for their use of Polymarket: US Army special forces soldier who allegedly gambled on the abduction of Venezuelan President Nicolás Maduro, and a Google software engineer accused of using internal company information to place bets; they've both pleaded not guilty.
However, in the case of Perez, "the CFTC alerted federal prosecutors in Manhattan, who declined to open a criminal investigation," according to ABC News. Instead, he's discussing a potential settlement that would require him "to give back his profits and refrain from making similar trades."
Responding to the reporting in a Thursday statement, Craig Holman, government affairs lobbyist at the watchdog group Public Citizen, noted that "betting on political events on the prediction markets has become highly profitable for a small handful of anonymous bettors."
"Ever since the American invasion of Venezuela and Iran, a few people have been placing very large bets moments before the events take place, and scoring millions in profits," he emphasized. "The timing and accuracy of these bets strongly suggest insider trading, probably by a few individuals in the know within the Trump administration."
The reported behavior by Perez "is further evidence of illegal insider trading on the prediction markets—an industry that the Commodity Futures Trading Commission has let operate like the Wild West," Holman continued. "Public Citizen again calls on the CFTC to wake up and do its job of overseeing the prediction market industry and enforcing the insider trading laws."
The New York Times reported in May that the Trump administration has stacked CFTC with industry insiders who have systematically "mowed down" staffers interested in providing oversight on prediction markets like Polymarket and Kalshi.
Meanwhile, according to recently unveiled annual financial disclosures, Trump made an unprecedented $2.2 billion—more than half of it from his family's cryptocurrency exploits—during his first year back in the White House.
Based on those disclosures, Trump may have finally "crossed a line that even the presidency cannot erase, violating the nation's insider trading laws," Sen. Ed Markey (D-Mass.)—who helped write those laws—highlighted in a Wednesday blog post.
Trump—who infamously bankrupted multiple Atlantic City casinos—also has plans to get into prediction markets. His social media company, Trump Media and Technology Group, said last October that it would soon launch a prediction betting marketplace on Truth Social.
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New Trump Visa Rules Set to Make Life Harder for International Students, Journalists
One legal advocacy group said the rule change "will be costly, cause chaos, and cut legal immigration."
Jul 16, 2026
The Trump administration on Thursday finalized sweeping new visa restrictions that immigration advocates and higher education professionals say will make it significantly more difficult for international students and journalists to study and work in the United States.
The Department of Homeland Security (DHS) said it is replacing the long-standing "duration of status" system—which allowed students to remain in the country as long as they complied with the terms of their visas—with fixed admission periods that generally cap student and exchange visitor stays at four years.
Foreign journalists, meanwhile, will see their visas limited to 240 days, while Chinese journalists will face an even shorter 90-day limit. Visa holders will have to apply for extensions if they need more time.
NEW: The Trump admin finalized a regulation which makes the largest changes to the student visa process in 50 years, along with changes to rules for exchange visitors and international journalists. 🧵on some of the most consequential changes set to go into effect in September.
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— Aaron Reichlin-Melnick (@reichlinmelnick.bsky.social) July 16, 2026 at 12:09 PM
Homeland Security Secretary Markwayne Mullin claimed that “for nearly half a century, the outdated 'duration of status' system has compromised national security and created an environment ripe for immigration fraud."
"For decades, foreign students have been admitted into the US indefinitely, allowing thousands to abuse our immigration system by perpetually enrolling in courses to avoid having to leave the US," Mullin added. "By implementing clear, finite limits on these visas, the United States is reclaiming its ability to properly screen, vet, and monitor individuals within our borders."
However, Todd Schulte, president of the bipartisan political advocacy and lobbying group Fwd.US, warned that “these new restrictions will only make it harder for international students and researchers to complete their studies in the US and contribute their education to the US workforce after graduating."
"These changes will hurt America’s global competitiveness, hinder businesses’ ability to hire US-educated talent, impose significant and unnecessary costs on universities and students, and increase the workload for federal agencies already struggling with backlogs and delays," Schulte added. "This rule will create more bureaucratic backlogs and delays and help grind the legal immigration system to a halt.”
"Have these people no understanding of how life works?"
The American Immigration Lawyers Association said the rule change "will be costly, cause chaos, and cut legal immigration."
David Bier, the immigration studies director at the libertarian Cato Institute, told Reuters that "international students, many of whom will have spent years in the USA, will now have just 30 days to find an employer to sponsor them or immediately be turned into illegal immigrants. Have these people no understanding of how life works?"
Fanta Aw, executive director of NAFSA: Association of International Educators, said in an interview with The Washington Post that “DHS’ decision to end duration of status is a misguided and unnecessary policy shift that injects uncertainty, bureaucracy, and fear into a system that has long worked effectively."
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