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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
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62 comments

  • Peyer W.
    2 days

    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.
    2 days

    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.
    2 days

    Amen

  • Michael F.
    3 days

    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.
    3 days

    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.
    4 days

    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.
    4 days

    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.
    5 days

    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.

  • Cliff R.
    5 days

    The rich pay fewer taxes because they sponsor the politicians If they take all the rich people's money they won't be able to get elected The rich give them the money so they won't take their moneyIt's called a quid pro quo

  • Herschell M.
    7 days

    Try to take there money and see what happens. They won’t invest in new business. It’s stupid to tell someone to take a chance on a business and if you make money give it to the government to waste. That’s really a good idea. Who can be so stupid.

  • Keith K.
    01/21/2020 02:28

    My question to these "patriotic millionaires", What is stopping you from paying more money without forcing others to pay more? I am sure the IRS and the politicians would not say no if they were to send their "fair share"!

  • Jim E.
    01/20/2020 05:21

    The top 10% pay 75% of all taxes.

  • Darrell H.
    01/19/2020 12:16

    How bout this, go to a national sales tax that way everybody pay taxes at the same rate that being fair.

  • Robert W.
    01/19/2020 00:44

    How about cut/eliminate some of the taxes imposed on eveyone.....

  • Justin D.
    01/18/2020 08:52

    I've never got a job from a poor man

  • Marty F.
    01/18/2020 04:39

    Entirely too many obtrusively greedy minds with the majority of the money & in control of making policy's for far too long to change now without major changes in the whole political system. Lower to middle class have given up far too much say in the entire process for too many years to reverse this now without massive revamp of the system that those in control of won't let happen siting communist or liberalist ideas that will put us even further in trouble & they have kept this fear in enough people's minds since the McCarthy era while building that furver back up to surpass the angry paranoia of the 50s& 60s in order to keep this control in their favor, basically fear & paranoia are used to create enough anger in the voters to remain in an obtrusively controlling place with this wealth for power!😎

  • Jim B.
    01/18/2020 01:32

    The IRS will accept any amount you wish to send in. No questions asked.

  • Ross W.
    01/17/2020 20:30

    Well write a check and send it in. Or, give money to a church. They will know better how to use the funds that the government. But, you know that already

  • Dick M.
    01/17/2020 13:32

    This plays on the nonsense theory that if the rich pay more the poor will have more. It doesn't work that way. If the rich don't have money, the poor won't have jobs.

  • Chuck M.
    01/16/2020 17:00

    Flat tax? Business's are designed to transfer the costs (taxes) onto the people. This guy learned nothing his whole life. SMH