Tax the Rich: These One Percenters Want People Like Them To Pay Higher Taxes

[appalachiablue]

- Abigail Disney, documentary filmmaker, activist and Patriotic Millionaires member.
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- The Guardian, April 8, 2022.

- Members of the Patriotic Millionaires say the income gap in the US has become a disaster- and it’s time to ‘take that money back’ -

The sound system played Pink Floyd’s Money as the Patriotic Millionaires assembled in the boutique Eaton hotel in Washington DC last week. After compulsory Covid tests there was a lot of well-heeled hugging and laughter among a crowd that looked like extras from Succession as they sat down at tables stacked with M&Ms stamped with “tax the rich”.

This was the first time since the pandemic that the Patriotic Millionaires had assembled together in person. The group, founded in 2010, is made up of high net worth individuals who believe – counterintuitively these days – that the really rich should pay more taxes. And after a dozen often frustrating years some of them now believe change is coming.

In the White House, Joe Biden has proposed new taxes on households worth more than $100m. The war in Ukraine has shown that the international community can, and will, crack down on oligarchs. Some of the workers who made fortunes for Amazon’s Jeff Bezos and Starbucks’s Howard Schultz have successfully formed unions despite the millions both companies spent fighting them off.

“No one was talking about taxing the rich when we started,” said Morris Pearl, chair of the Patriotic Millionaires and a former managing director at BlackRock, the largest money manager in the world. Even the conversation seemed ridiculous under Donald Trump, Pearl added. “We have seen a huge change. You have a president talking about taxing the rich, people are talking about wealth taxes – those weren’t even fringe ideas 10 years ago. I’m not saying it’s going to happen and pass into law but there are conversations at the highest levels.” Part of the reason why those conversations are happening is that the situation has got so bad...

- More, https://www.theguardian.com/us-news/2022/apr/08/patriotic-millionaires-one-percenters-pay-higher-taxes
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- Abigail E. Disney Foreword to Oxfam “Inequality Kills” Report, Jan. 16, 2022,
https://patrioticmillionaires.org/2022/01/16/abigail-e-disney-foreword-to-oxfam-inequality-kills-report/#:~:text=Disney%20is%20a%20documentary%20filmmaker,Kills%20report%20from%20Oxfam%20International.

[Phoenix61]

1. Anybody who's ever played Monopoly knows the

game ends when one person has all the money. If the economy totally collapses the ultra rich will end up the same way the plantation owners did after the civil war, plowing their own fields. I’m not saying she’s self serving but she sees the writing on the wall.

[Hoyt]

2. Question is, will they support a wealth tax 10 times more than Biden's

proposal and reaching down to say top 15% or further.

Biden’s proposal is projected to yield $36 Billion a year. That’s barely enough to cover one week of our current deficit, much less coming close to funding anything major.

[MichMan]

3. How many millions extra do they pay the IRS above what they owe?

[czarjak]

4. POC might benefit. So, no way?

[marie999]

5. If they don't think they pay enough taxes,

they should give that money to charities that help the poor.

[MichMan]

6. Or don't take any deductions and send in extra to the IRS.