The Progressive


A project of Common Dreams

For Immediate Release

Sam Quigley,

Patriotic Millionaires Celebrate House Passage of Inflation Reduction Act

"Today's vote in the House is the biggest win for tax fairness we’ve seen in decades"


Today, the House voted to pass one of the most significant climate, healthcare, and tax reform packages this country has seen in decades, the Inflation Reduction Act of 2022 (IRA). This legislation marks the most significant changes to the federal tax code since the Tax Cuts and Jobs Act (TCJA) of 2017.

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

"Today's vote in the House is the biggest win for tax fairness we've seen in decades: its provisions for tax increases on billion dollar corporations and increased enforcement against wealthy tax cheats are a significant step towards achieving economic equality.

While this bill establishes desperately-needed changes to our tax laws and IRS funding, it is still a far cry from the systemic changes that we need in our society to rectify the hold the rich still have on every level of our economy. We need to take care that we don't let ourselves become complacent: this is a step forward, but only one step in a long journey. We should use this win as an opportunity to revitalize the fight for economic justice and equality, and continue demanding more."

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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