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For Immediate Release
August, 16 2022, 04:23pm EDT
Contact:
Sam Quigley, sam@patrioticmillionaires.org
Patriotic Millionaires Celebrate the Inflation Reduction Act
"The vast majority of working Americans pay every cent they owe in federal taxes - it’s time for wealthy criminal tax evaders to do the same."
WASHINGTON
Today, President Joe Biden signed the Inflation Reduction Act of 2022 (IRA) into law. Covering a new tax on stock buybacks, billions in IRS enforcement funding, and a national corporate minimum tax, the IRA is the largest change to the federal tax code since the 2017 Tax Cuts and Jobs Act and the most significant movement towards making wealthy Americans and corporations pay what they owe in decades.
In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:
"Today, Democrats accomplished something meaningful for hardworking American taxpayers and provided the biggest win for tax fairness we've seen in decades. Tax increases on billion-dollar corporations and having more law enforcement to prosecute criminal tax evaders are all incredibly significant steps towards achieving economic equality.
The vast majority of working Americans pay every cent they owe in federal taxes - it's time for wealthy criminal tax evaders to do the same.
Nearly every small business and corporation in America pays some form of federal income tax - it's time for billion-dollar corporations to do the same.
The American people are tired of doing their part daily to keep this country running while criminal tax evaders and corporate tax cheats pay nothing. The rich are required to pay the bare minimum back to the society responsible for their success, and the IRA will make them do just that.
The tides are beginning to turn; the economic systems that have allowed the consolidation of wealth to the already-rich in this country are at long last being challenged and struck down. But while this bill establishes many desperately-needed changes to our tax laws and funding allocation, it still leaves us far from a truly fair tax code. There are many more systemic changes necessary. In celebrating this massive win, we should take care not to let ourselves become complacent: this is a great step forward, but it's just one step in a long, ongoing journey."
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
'Are Readers Meant to Take This Seriously?': Economist Refutes Latest Attack on Wealth Tax by Bezos' Washington Post
"Local hospitals and emergency rooms could shut their doors forever because billionaires insist on paying less than the rest of us," said Emmanuel Saez, the French economist who designed California's wealth tax proposal.
May 07, 2026
The architect of California's wealth tax proposal called out The Washington Post and its multibillionaire owner, Amazon founder Jeff Bezos, on Thursday for peddling what he said is "misinformation" to readers.
Emmanuel Saez, a French economist and professor at the University of California, Berkeley, who was tapped by California's largest union to design the tax proposal, singled out an opinion piece by the Washington Post editorial board from earlier this week that argues the proposal would backfire and cost California billions of dollars in tax revenue each year.
Saez said the article contains glaring falsehoods and omits key information about the proposal, which aims to create a one-time tax of 5% on the total assets of California's roughly 200 billionaire residents in order to recoup about $100 billion in revenue for healthcare, food assistance, and education stripped from the state by last year's Republican federal budget legislation, which will hand $1 trillion in tax breaks to the wealthiest 1% of Americans over the next 10 years.
The piece, published on Monday with the headline "California already losing with billionaire tax referendum," argues that even if California voters don't ultimately approve the measure, "the specter of such a wealth tax has already cost the state more in lost future revenue from income taxes than it would raise" due to an exodus of wealthy people from the state—an oft-used but weakly substantiated talking point by opponents of the measure.
The Post cited a paper by Jared Walczak, a visiting fellow at the California Tax Foundation, which it said demonstrates that billionaire flight "will cost California’s state government somewhere between $3.5 billion and $4.5 billion every year in other tax collections, and up to $19 billion in lost [gross domestic product]."
But Saez argued that his study makes a "basic mistake" by "modeling a mobility response of billionaires to a permanent annual and recurrent 5% wealth tax." In reality, though, the tax would be imposed only once and would apply to any billionaires who resided in the state after January 1, 2026, which has already passed, so it no longer creates an incentive to move.
Saez argued that in any case, "Walczak’s estimation of the California income tax paid by billionaires who have threatened to leave is also wildly exaggerated."
Walczak's figure for lost tax revenue, he said, hinges on the idea that the three richest men who've threatened to leave the state, Google co-founders Sergey Brin and Larry Page, and Meta CEO Mark Zuckerberg, pay $1.7 billion in California income taxes each year.
"If only they paid so much!" Saez quipped.
"In reality, using Securities and Exchange Commission data on stock sales, stock donations, dividends, and executive compensation, we can directly estimate that they paid only [$269 million] in California income tax in 2025, 6.3 times less than Walczak’s assumption," he said, citing a paper he co-wrote in March responding to a similar argument by a conservative think tank.
He cited tax data showing that the tech tycoons—who own a combined $810 billion according to Forbes—only collectively paid about [$22 million] per year on average between 2019-25, with Brin and Page paying no taxes on their wealth from stock in Google's parent company Alphabet during three of those years because they didn't sell stock, get dividends, or receive executive compensation. This is despite 90% of their wealth coming from those holdings.
"The one-time wealth tax finally makes them contribute in proportion to their enormous wealth gains," Saez said.
The Post also claimed that the Service Employees International Union (SEIU) United Healthcare Workers West, the union leading the charge in support of the referendum, is "pretend[ing] that the tax is needed to save California’s health system from 'collapse'" and is instead dishonestly using that framing to covertly pursue the "redistribution of wealth."
But Saez said that the federal cuts of roughly $20 billion annually are already having devastating effects on Californians that could be alleviated with more tax revenue.
As a result of the cuts, "more than 400 California hospitals have already laid off more than 3,400 healthcare workers as of mid-March, with a second wave of layoffs expected as funding cuts tied to recent federal policy changes are phased in over the next several years," he said. "Statewide, projections show the cuts could result in the loss of up to 145,000 healthcare jobs, impacting hospitals, clinics, and home care providers alike."
Eighty-three more hospitals in California may be at risk of closing due to the federal funding cuts, according to a recent nationwide analysis by Public Citizen. But Saez said the billionaire's tax would go a long way toward closing the gap.
"Right now, California’s billionaires pay much lower tax rates than what working families pay out of every paycheck," Saez said.
Despite claims otherwise by the Post editorial board—which last month ran another piece arguing that due to progressive taxation, "the rich already pay more than their fair share"—according to the Institute on Taxation and Economic Policy, at all levels of government from 2018-20, billionaires paid just 24% of their total income in taxes, while the US-wide average was 30%. This disparity arises largely due to loopholes that allow the rich to avoid taxes on business and investment gains that are not sold.
"Local hospitals and emergency rooms could shut their doors forever because billionaires insist on paying less than the rest of us," Saez said.
Debru Carthan, the executive vice president of SEIU-United Healthcare Workers West, said it was not surprising that the Post "completely ignores that the billionaire tax would keep hospitals from closing and healthcare costs from skyrocketing for millions of Californians" because it is "a crisis that comes as a direct result of the tax breaks handed out to Jeff Bezos and his buddies."
Since the return of Donald Trump to the presidency, the Amazon founder has taken a much heavier hand over the content of his flagship paper, including its opinion section, which he last year mandated to exclusively publish pieces on economics that promote “personal liberties and free markets," leading to the resignation of opinion editor David Shipley.
But Saez marveled at how blatant Bezos' thumb on the scale has appeared in his paper's coverage of California's billionaire wealth tax and similar proposals, which it has denounced on several other occasions.
“Are readers meant to take this seriously?" Saez asked. "‘Board of billionaire-owned paper comes out against tax on billionaires’? Everyone knows this board makes political decisions at the behest of Jeff Bezos, but this one is the most transparent of them all."
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Kamala Harris Reportedly Not Opposed to Releasing DNC's Secret 2024 Autopsy
"Saying so privately to some big donors is very different than publicly calling for transparency from the DNC, which is badly needed," said Norman Solomon of RootsAction, which has led calls for the release.
May 07, 2026
Even former Vice President Kamala Harris reportedly "has no problem with a public airing" of the Democratic National Committee's internal "autopsy" report on her 2024 loss to Republican President Donald Trump—which the DNC has continued to conceal, despite mounting demands for transparency.
Harris' position was reported Thursday by NBC News, which noted that "while she indicated to donors that she had no issue with releasing it, Harris has not discussed the postmortem with DNC Chairman Ken Martin and did not know about his decision to keep it under wraps until it happened."
NBC cited "a person who has heard the conversations," one of multiple sources journalists Jonathan Allen and Natasha Korecki spoke with for their broader report exploring "turmoil over the Democratic Party’s future" and Harris' consideration of a 2028 run.
For months, Martin has resisted pressure to release the autopsy—which, as Axios revealed in February, found that the Biden administration's support for Israel's genocidal assault on Palestinians in the Gaza Strip contributed to Harris' defeat.
Citing a "person close to Harris," NBC also reported Thursday that the former VP "is signaling privately that she has more to say about the Middle East now that she is freed from the Biden White House policy," and "she is likely to do so after the midterm elections," either "from the perspective of a party elder or from the perspective of a candidate seeking votes."
While touring the country for the book she wrote after her loss, Harris has publicly acknowledged that she is weighing another White House run. Though the 2028 election is two and a half years away, she has led early polling. However, the party's potential primary field is incredibly crowded, featuring dozens of current or former governors and members of Congress.
Potential contenders include governors from the Trump 2.0 era—such as Gavin Newsom of California, JB Pritzker of Illinois, Andy Beshear of Kentucky, and Gretchen Whitmer of Michigan—as well as leading progressive voices in Congress, such as Reps. Ro Khanna (D-Calif.) and Alexandria Ocasio-Cortez (D-NY).
Norman Solomon, national director of RootsAction, which has spearheaded calls for publishing the full postmortem, wrote in a recent opinion piece for Common Dreams that "Martin's concealment of the autopsy report puts a thumb on the scale for one candidate: Kamala Harris."
Solomon highlighted the DNC's reported conclusion about the role of the Gaza genocide in the election result, and suggested that "renewed attention to the Harris 2024 finances would also be unwelcome."
In response to Harris' reported remarks to donors, Solomon said Thursday that "more than four months have passed since Martin announced he was reneging on his promise to release the autopsy.
"But Harris still hasn't made any public statement that she believes it should be released," he added. "Saying so privately to some big donors is very different than publicly calling for transparency from the DNC, which is badly needed."
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'Egregious Abuse of Power': Senate Democrats Demand Trump's FCC Chair End Attack on ABC News
"Although the FCC has the authority to ensure broadcasters operate in the public interest, it cannot serve as President Trump’s roving censor."
May 07, 2026
A group of Senate Democrats on Thursday told Federal Communications Chairman Brendan Carr to back off his threats to strip Disney-owned TV network ABC of its broadcast licenses.
In a letter addressed to Carr, the Democrats took Carr to task for ordering Disney to file early license renewals for eight ABC stations shortly after President Donald Trump demanded that the network fire late-night host Jimmy Kimmel.
Kimmel earned Trump's ire when he jokingly likened first lady Melania Trump to an "expectant widow" days before a gunman stormed into the White House Correspondents' Dinner in an alleged attempt to assassinate the president.
The senators called Carr's order an "extraordinary abuse of power" and "the latest and most extreme step in your use of the FCC’s licensing authority as a cudgel against broadcasters whose editorial choices displease the president."
The Democrats charged that the order "appears to penalize Disney for refusing to capitulate to Trump’s demands to fire Kimmel and to send a message to other broadcasters: Modify your speech to favor Trump or face the FCC’s wrath," while noting that the order was the first time in over 50 years that the commission had called on a broadcaster to apply for early renewal.
The day before the order to Disney, the FCC sent a similar order to a small station license holder called Bridge News.
Carr's order to Disney was also part of a broad pattern of Trump administration assaults on the free press, including calls to fire Kimmel last year after the comedian said Trump and his political allies were trying “to score political points" after the assassination of right-wing activist Charlie Kirk.
"Although the FCC has the authority to ensure broadcasters operate in the public interest," they wrote, "it cannot serve as President Trump’s roving censor, threatening to revoke licenses against broadcasters whose editorial content—including a comedian’s jokes—displeases the president."
The Democrats concluded their letter by asking Carr to provide information about the timing and process by which the FCC decided to send Disney its early renewal order, including whether any FCC staff had communicated with the White House about the order before it was issued.
The letter was signed by Sens. Ed Markey (D-Mass.), Chuck Schumer (D-NY), Maria Cantwell (D-NM), Ben Ray Lujan (D-NM), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), and Elizabethe Warren (D-Mass.).
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