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The Millionaires Who Want Higher Taxes

This is why the Patriotic Millionaires believe the tax system unfairly works in their favor — and why they want to change it.

Calling for an economic transformation

Morris Pearl and 200 other wealthy individuals are self-described “traitors to their class.” He's the chairperson of the Patriotic MillionairesAmericans with incomes over $1 million who are leading the charge to raise taxes on the rich. He used to work at one of the world's largest investments firms. Several Democratic presidential candidates want to increase taxes on the rich.

Distribution of wealth

“I think we need a different kind of taxes. I think we need a kind of taxes that directly address inequality. And I think we need to have rich people paying more taxes than regular working Americans. We are deeply concerned that there's a growing inequality in our country and that our children and grandchildren are not gonna be able to grow up in the kind of country where we did. Basically, one of the problems with the American tax system is that wealthy people who earn their money from investments pay much lower tax rates than everyday working people who actually have to work for a living. It's just not fair. Someone like me, I'm reasonably wealthy, so I don't have to work anymore. I get all of the money I need to live on for my investments. My average tax rate is below 20 percent. People that work for a living, they pay tax rates that are much higher than I pay,” Morris Pearl tells Brut.

Inequality endemic

Income and wealth distribution were far more equitable in the U.S. a half-century ago during the prime of managerial capitalism—the quasi-stakeholder capitalism of its time—than today. Still, even then, inequality was endemic. Racial and gender inequality were worse, as was discrimination based on sexual orientation. Even class inequality, though less severe, was hardly absent, as was widely noted at the time.

Brut.

12/30/2019 11:19 AM

74 comments

  • Lee W.
    01/30/2020 21:37

    It's like work load,rich do the least and take the most. Pays to be elite,money flows into, them easily,but they. just can't spend their money.

  • Tim D.
    01/30/2020 15:57

    The wealthy already pay the lion's share of taxes, this is nothing more than communist propaganda.

  • Eric R.
    01/30/2020 00:08

    Easiest method is get rid of all the tax breaks for investing in the stock market. No 50% tax on long term gains and no big write off for dividends. They have always been a special break for the rich with no real benifit to the economy.

  • Davon R.
    01/29/2020 22:45

    How bout a flat tax. 10% for everyone at the federal level. No exemptions unless you make less than x amount per year.

  • Bill F.
    01/29/2020 22:08

    No one is stopping rich people from paying more taxes, if you feel rich people need to pay more taxes, write a check and mail it to the U.S.treasury

  • JoAnn B.
    01/29/2020 21:57

    Let us consider the issue, on a scale of one hundred dollars per hour. Figures in parentheses show [my] ideal of what percentage of population would be in each category. $97.76-$100.00 Ultra Wealthy 20% $90.01-$97.75 Moderately Wealthy 11% $75.01-$90.00 Upper Middle Class 9% $38.01-$75.00 Middle Middle Class 55% $25.01-$38.00 Lower Middle Class 4.99% $5.01-$25.00 Poor 0.01% $0.00-$5.00 Destitute 0.0% It would be these two uppermost tiers that would pay taxes of seventy to ninety percent. Mind you, this is not just income but overall wealth, which [should] help ensure that those who have the wherewithal pay their fair share in taxes. Ideally, no one should be absolutely destitute - unfortunately there will probably always be a few; because, you know, greed. The goal of our global economic system should not be focused on generating wealth but making sure everyone has "enough" to live. Perhaps it is true that "morality" cannot be legislated but if greed is stridently punished as a wrong against the whole of society, there should be less of it. So, back to that whole 'standing naked and vulnerable before the world' thing; everybody would have a decent suit of clothes and *solid footing.*

  • Clark G.
    01/29/2020 11:50

    I think we need less government.

  • Jerry C.
    01/29/2020 00:55

    Why should they be taxed more because when they worked, they were smart enough to invest, and able to live off their investments....Now you want people to be penalized for investing wisely, you jest, right?

  • Kelly L.
    01/28/2020 23:40

    Apparently just because you have a lot of money doesn't mean you're smart.

  • Rob C.
    01/28/2020 13:12

    Nobody rich is keeping anybody poor.

  • Rob C.
    01/28/2020 13:11

    Nothing is stopping anybody from writing a check to the IRS.

  • David S.
    01/28/2020 12:55

    If you want to do something good with your money, the last place you should be giving it to is the government. You have the means and the resources. Just go do it yourself. Super rich guys only want higher taxes because they can afford them, and their competition can't.

  • Peyer W.
    01/27/2020 03:02

    If they are so worried about inequality, they could take their money and set up charities and foundations to help the poor on their own. Why do they want the government to do what they can do themselves more directly? The answer is they really don't care. They're just trying to make themselves feel better.

  • Chris E.
    01/27/2020 02:39

    These patriotic millionaires don’t have to take every deduction afforded them... just figure out what your fair share is and write the check... they only do this to reflect criticism away from them so they can feel better about themselves and keep liberals off their backs

  • Mildred W.
    01/26/2020 21:46

    Amen

  • Michael F.
    01/25/2020 21:30

    so heavily TAXing our most successful workers and penalizing them for their hard work and you think that's the answer to what?

  • Lords G.
    01/25/2020 16:10

    I'd say forgive the student loan debts. High interest keeps the student loans from being paid off. Just wipe it clean and get rid of the federal reserve. Fed reserve just prints out more paper dollars when the government goes broke. We as a people are paying back that debt to the fed reserve that the government gets loaned to them. Go back to the gold standard, and shut down the IRS as the income tax was deemed unconstitutional by the supreme Court in the 1890s. Congress pushed it through in 1913 and we're still stuck with it because it's the 16th amendment. Why do people put up with it when the people revolted over a tea tax increase, yet not a peep over 15% of earned income and 30% corporate tax.

  • Von S.
    01/24/2020 21:29

    The rich already pay more taxes, wtf are these nuts talking about. If you want to pay more the treasury department would be happy to take any money you want to give.

  • Randy M.
    01/24/2020 14:50

    You do realize that if you feel guilty about being successful you can write a check over and above of your tax bill.

  • Thomas A.
    01/23/2020 05:11

    Why do they always say pay more taxes instead of lowering spending in the government. Government needs to get the hell out of our lives and pockets.

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