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Patriotic Millionaires on Manchin Tax Deal: "We'll Believe It When We See It Pass"

"We’ve been down this road before - until Senators Manchin and Sinema give us proof that their tag-team two-face act is over, we’re not going to get our hopes up."
WASHINGTON -

Today, Senate Majority Leader Chuck Schumer and Senator Joe Manchin announced a deal on the Inflation Reduction Act of 2022, a bill that would, among other things, implement a 15% corporate minimum tax, close the carried interest loophole, boost IRS enforcement funding, reduce prescription drug costs, and invest in domestic energy production.

In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:

“We’ll believe it when we see it pass on the floor of the Senate. We’ve been down this road before - until Senators Manchin and Sinema give us proof that their tag-team two-face act is over, we’re not going to get our hopes up.

Manchin and Sinema have spent the last year leading Democrats on a wild goose chase in search of the perfect bill that would get both of their support. Manchin’s decision to come back to the bargaining table solves one half of that puzzle, but it does nothing to ensure that Sinema will cooperate. In fact, some of the tax changes that he’s included in his bill, like fixing the carried interest loophole, are ones that Sinema has previously said she will not support.

I hope the Inflation Reduction Act becomes law. Multinational corporations, fund managers, and criminal tax evaders should all be paying more. But it hasn’t passed yet, and without more pressure on both Manchin and Sinema, it might never.”

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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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