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For Immediate Release
July, 03 2025, 05:18pm EDT
Contact:
Sam Quigley,,sam@patrioticmillionaires.org
Patriotic Millionaires: Another nail in the coffin of democratic capitalism
After returning to the House of Representatives following its passage in the Senate on Tuesday, House Republicans voted today to pass their party’s massive tax and spending bill—the One Big Beautiful Bill Act—by a vote of 218-214. The legislation now moves to President Trump for his official signature ahead of the July 4th holiday.
In response, Erica Payne, Founder and President of Patriotic Millionaires, said:
“As Patriotic Millionaires predicted back in January, this bill was always going to pass. Since then, we have seen cynical acts of performative politics, only for elected officials to sell out working people and hand over tax cuts to their wealthy donors and benefactors. This is another nail in the coffin for democratic capitalism. Lawmakers have no issue taxing working people into poverty as the cost of living continues to skyrocket if it means ensuring the investor class does not pay their share of taxes. This legislation just handed oligarchs the keys they needed to drive policy decisions and to subvert American democracy for their own financial gain, and we will all be worse off for it.”
Morris Pearl, Chair of Patriotic Millionaires and a former Managing Director at BlackRock, said:
“Republicans placed their bets on corporations and the ultra-wealthy over working people, most of whom will suffer from the outrageously uneven playing field they have created. Throughout all of these changes to the tax code and beyond, wealthy people will be fine in the short term, but the damage done to working people, and eventually to our whole society, will be irreparable.
By passing this bill, Republicans caused and created real harm that cannot be understated. They put us further down a path towards oligarchy that will now be much harder to get off. Republicans must come to terms and realize that in their pursuit to give the ultra-wealthy tax cuts, they also co-signed onto the beginning of the end of American democracy. We cannot and will not let them absolve themselves of the economic ruin they will bring to working people across the country.”
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
Virginia Voters Deal Major Blow to Trump-GOP Ploy to 'Steal the 2026 Midterms'
"Virginia voters have spoken, and tonight they pushed back against a president who claims he is ‘entitled’ to more Republican seats in Congress," said Democratic Gov. Abigail Spanberger.
Apr 22, 2026
Virginia voters on Tuesday approved a referendum that's likely to give Democrats four additional seats in the US House of Representatives in the upcoming midterm elections, a key victory in a gerrymandering war launched last year by President Donald Trump and the Republican Party.
"Virginia voters have spoken, and tonight they pushed back against a president who claims he is ‘entitled’ to more Republican seats in Congress," Virginia Gov. Abigail Spanberger, a Democrat, said following Tuesday's vote. "As we watched other states go along with those demands without voter input, Virginians refused to let that stand. We responded the right way: at the ballot box."
The ballot measure, which was approved by a margin of fewer than 100,000 votes, allows the Virginia constitution to be "amended to allow the General Assembly to temporarily adopt new congressional districts to restore fairness in the upcoming elections, while ensuring Virginia's standard redistricting process resumes for all future redistricting after the 2030 census."
The new congressional map that Virginia lawmakers approved earlier this year—prior to putting the ballot question before voters—would aggressively redraw the state's district lines to give Democrats eight safe districts. Two other districts would be competitive but Democratic-leaning, leaving Republicans with just one favorable district. Common Cause Virginia, an advocacy group that does not favor partisan gerrymandering, called the new Virginia maps "a proportionate response" to GOP redistricting in other states, including Texas.
Eric Holder, the former US attorney general and chairman of the National Democratic Redistricting Committee, said in response to Tuesday's result that "the mere existence of this special election stands in stark contrast to the gerrymanders forced on constituents in Texas, Missouri, and North Carolina and shows that voters are tired of Republican attempts to silence their power at the voting booth."
“Virginians’ courageous action today will have an impact far beyond the commonwealth. They didn’t just win an election—they have stopped Donald Trump’s attempt to steal the 2026 midterms in its tracks and defended the principle that elections should be fair, competitive, and decided by the people," said Holder. "Let this be a message to MAGA Republicans and the White House: enough is enough."
Democratic congressional leaders also applauded the outcome of the closely watched Virginia referendum. House Minority Leader Hakeem Jeffries (D-NY) said in a statement that "Virginians spoke with a crystal-clear voice, voting to stop the MAGA power grab and protect the integrity of free and fair elections."
But Jeffries stressed that "this war is not over," pointing to ongoing Republican efforts to redraw Florida's congressional maps.
“If Florida Republicans proceed with this illegal scheme, they will only create more prime pick-up opportunities for Democrats, just as they did with Trump’s dummymander in Texas," said Jeffries. "We will aggressively target for defeat Mario Díaz-Balart, Maria Elvira Salazar, Carlos Giménez, Kat Cammack, Anna Paulina Luna, Laurel Lee, Cory Mills, and Brian Mast. We are prepared to take them all on, and we are prepared to win."
Rep. Alexandria Ocasio-Cortez (D-NY) responded enthusiastically to Jeffries' statement.
"Hell yes," she wrote on social media. "This is the energy."
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"They want to give $140 billion for ICE and Border Patrol without reforms, but $0 to lower Americans’ costs," said Senate Minority Leader Chuck Schumer.
Apr 21, 2026
Congressional Democrats and advocacy groups on Tuesday slammed Senate Republicans' proposed budget resolution, which authorizes up to $140 billion in new deficit spending for Department of Homeland Security agencies responsible for President Donald Trump's deadly immigration crackdown.
Senate Budget Committee Chair Lindsey Graham (R-SC) introduced the fiscal year 2026 budget resolution, which the senator's office described as "the blueprint that unlocks the pathway for a targeted reconciliation bill that will provide funding for US Immigration and Customs Enforcement (ICE) and US Customs and Border Protection (CBP)" for at least the remainder of Trump's term.
"The resolution includes reconciliation instructions allowing for up to $70 billion of deficit increases each for the Judiciary and Homeland Security and Governmental Affairs committees," explained the advocacy group Committee for a Responsible Federal Budget.
ICE is already flush with a $75 billion funding boost thanks to Republicans' so-called One Big Beautiful Bill Act, which Trump signed last July 4.
“The threats to our homeland from radical Islam are only getting more intense," Graham said, despite there being no significant attack by such forces on US soil in a decade. "Now is not the time to defund Border Patrol, and now is certainly not the time to put ICE out of business."
"These men and women have been dealing with the consequences of the over 11 million illegal immigrants that came to the United States during the Biden administration," the senator added.
There is no evidence that anywhere near that number of undocumented migrants entered the US during former President Joe Biden's tenure.
Responding to Graham's proposal, Senate Minority Leader Chuck Schumer (D-NY) said: "Earlier today, we caught our first glimpse of the Senate Republicans’ budget resolution. Forget being on the same page, Republicans aren’t even on the same planet as the American people."
"They want to give $140 billion for ICE and Border Patrol without reforms, but $0 to lower Americans’ costs," he continued. "Let me say that again: $140 billion for ICE and Border Patrol—no reforms, no accountability, no strings attached; $0 to lower Americans’ costs."
"That’s their priority. That’s why they are dragging the Senate through the arduous, convoluted reconciliation process: to put money in the coffers of Trump’s rogue agencies, rather than in Americans’ pockets," Schumer said.
"Democrats want to lower Americans’ grocery, gas, healthcare, and housing costs. Senate Republicans want to appease Donald Trump... by giving ICE and Border Patrol tens of billions of dollars to continue spreading violence in our streets," he added.
Center for American Progress (CAP) senior director of federal budget policy Bobby Kogan called the GOP budget proposal "a missed opportunity to help Americans."
"In addition to doing nothing to rein in DHS, many civil and human rights abuses, congressional Republicans’ reconciliation plan misses an opportunity to do affirmative good for struggling households," he said.
Kogan continued:
While there was broad agreement in Congress on the funding levels for the agencies within DHS itself, congressional Democratic leadership asked for a handful of reforms to try to prevent more killings of citizens and noncitizens and avoid another wave of other civil rights violations from being undertaken by the department. Congressional Republican leadership has rejected calls for legislative reforms to ICE and Border Patrol operations and is now instead using this process to provide funding with no oversight.
The Republican proposal comes as immigrant deaths in ICE custody have soared, with at least 17 people dying since January. DHS officers have also killed two US citizens, Renee Good and Alex Pretti, during the Operation Metro Surge blitz in Minneapolis.
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'War Could Break Out at Any Time': Trump Extends Ceasefire But Continues Blockade of Iran
One expert stressed that "trust between the sides remains at zero."
Apr 21, 2026
President Donald Trump on Tuesday afternoon extended a two-week ceasefire for his and Israel's war on Iran, but the US leader also said that a naval blockade of the Mideast nation will continue, and fears of fresh attacks remain high.
Two weeks after threatening to take out the "whole civilization" of Iran just hours before the ceasefire agreement was reached, Trump took to his Truth Social platform again to announce the extension, without a clear timeline.
"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump wrote. "I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other."
Trump has imposed the blockade in response to Iran's closure of the Strait of Hormuz, a waterway between the Persian Gulf and the Gulf of Oman that's a key trade route, including for fossil fuels. As part of the blockade, the president said Sunday, US forces seized Touska, a nearly 900-foot Iranian-flagged cargo ship.
Trita Parsi, co-founder and executive vice president of the Quincy Institute for Responsible Statecraft, concluded Tuesday that Trump's cave "reflects the outcome I have argued is the most likely: No deal, no sanctions relief, no nuclear compromise, no return to war, while Iran continues to control the strait. Not a stable situation, but one in which Trump pockets the central thing he sought—exiting the war—while Iran is bereft of the main thing it was looking for: sanctions lifting."
While a spokesperson for United Nations Secretary-General António Guterres said that he welcomes Trump's announcement as "an important step toward de-escalation and creating critical space for diplomacy and confidence-building between Iran and the United States," and encouraged all parties "to build on this momentum," comments out of Iran suggested limited progress.
Drop Site News co-founder Jeremy Scahill reported Tuesday that "an Iranian official tells me that, as of this moment, Iran's position remains unchanged: Lifting of the naval blockade is a condition for a second round of talks."
According to Reuters chief national security reporter Phil Stewart, an adviser to Mohammad Bagher Ghalibaf, speaker of Iran's Parliament, said that Tuesday's extension means nothing and could even be a ploy to buy time for a surprise strike, plus the US continuing its blockade is the same as bombardment and must be met with military force.
Noting Stewart's reporting on social media, Center for International Policy senior fellow Sina Toossi noted that reporting and warned that "after coming under surprise attack twice, some in Tehran are calling for Iran to take initiative and strike first, including at US vessels or tankers ready to exit Hormuz."
Toossi also stressed that "trust between the sides remains at zero and renewed war could break out at any time."
"Let's be real, Pakistan isn't deciding whether the US goes to war with Iran," he added. "They're a conduit, not a driver. More a convenient excuse and diplomatic cover than having any sort of actual influence over Trump on Iran."
Ahead of the extension, Toossi had published an op-ed in The Guardian arguing that "having fought what they see as an existential war with the US and Israel and held their ground, Iranian officials see little reason to rush into major concessions. The priority is not a sweeping deal, but reducing the risk of war while preserving core sources of power, from Hormuz to its nuclear program."
"In the short term, that may simply mean extending the ceasefire rather than reaching a substantive agreement. Beyond that, the likelier outcome is an interim arrangement, or a broad memorandum-of-understanding-style framework that defers key details, rather than a decisive breakthrough," he continued. "In this view, the conflict is not being resolved but managed—and with time, Iran believes its position will strengthen as the global fallout from energy disruption makes renewed escalation a cost no one is willing to bear."
A Tuesday report from the climate advocacy group 350.org estimates that during the first 50 days of the Iran war, consumers and businesses worldwide have paid an additional $158.6-166.9 billion due to soaring fuel costs.
Additionally, thousands of people have been killed in Iran and across the region, and at least tens of thousands of Iranian civilian infrastructure sites have been damaged since the US and Israel first launched attacks in February.
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