Patriotic Millionaires

Last updated

Patriotic Millionaires
Formation2010
Founder Erica Payne
TypeAdvocacy group
Region served
United States
Membership200+
Website patrioticmillionaires.org

Patriotic Millionaires is a nonpartisan organization [1] of Americans with high net worth who promote the restructuring of the American tax system so that wealthy people pay a greater share of their income in taxes. Patriotic Millionaires was founded in 2010 by Erica Payne to advocate for expiration of the Bush tax cuts. Qualification for membership requires either $1 million in annual income, or more than $5 million in assets. [2] [3] [4] [1]

Contents

Some notable members include Lawrence Lessig, Jeffrey Gural, Roberta Kaplan, Chuck Collins, George Zimmer, Norman Lear, Whitney Tilson, and Abigail Disney. [3] [4] [5] [6] [7]

History

Patriotic Millionaires was originally founded in 2010 by Erica Payne under the name "Patriotic Millionaires for Fiscal Strength". Its purpose was to push for an expiration of the Bush tax cuts during the Presidency of Barack Obama. [3] [5] [8] [9]

In 2010, the group had about 45 members, and by 2011 they had about 150. [10] [11] As of 2019, Patriotic Millionaires had over 200 members. [3] [12]

In 2012, President Obama mobilized support from prominent members of the Patriotic Millionaires group to advocate for the Buffett Rule. [13] [14]

In 2015, Patriotic Millionaires announced a merger with Wealth for the Common Good, which is now part of the organization. [15] [16]

In 2017, the group supported the "March on McDonald's" alongside Movement for Black Lives and Color of Change, in a bid to achieve unionization and a $15 minimum wage at McDonald's. [17] [18]

Positions

Patriotic Millionaires support a higher minimum wage, a progressive tax system, closing tax loopholes, and reducing the influence of money in politics through campaign finance reform. [19] [20] [21] [22] In addition to opposing the Bush tax cuts, the group opposed the Tax Cuts and Jobs Act of 2017. [2] [5] [23] The group supports a reduction in economic inequality. [2] [3] [20] Members of the group believe that concentration of wealth is "destabilizing" and can lead to violence. [3] [21] [24]

References

  1. 1 2 "Patriotic millionaire says he's only benefited every time Congress changes the tax code". Fox Business . October 23, 2017. Retrieved April 3, 2021.
  2. 1 2 3 Gelles, David (February 12, 2019). "They're Rich and They're Mad About Taxes (Too Low!)". The New York Times . Retrieved October 8, 2020.
  3. 1 2 3 4 5 6 Kolhatkar, Sheelah (December 20, 2019). "The Ultra-Wealthy Who Argue That They Should Be Paying Higher Taxes". The New Yorker . Retrieved April 3, 2021.
  4. 1 2 Alexander, Sophie (January 17, 2020). "The Millionaires Who Actually Want to Pay More in Taxes". Bloomberg News . Retrieved April 3, 2021.
  5. 1 2 3 Semuels, Alana (September 29, 2016). "The Millionaires Who Disagree With Trump on Taxes". The Atlantic . Retrieved October 8, 2020.
  6. ↑ "About Us". Patriotic Millionaires. Retrieved April 3, 2021.
  7. ↑ Noam Scheiber (March 6, 2016). "New York Legislators Plan to Introduce Measure on Carried Interest Tax," The New York Times.
  8. ↑ Gold, Matea (December 9, 2010). "Obama's tax-cut deal upsets many major donors". Los Angeles Times . Retrieved April 3, 2021.
  9. ↑ Conason, Joe (November 19, 2010). ""Patriotic millionaires" call for their tax cuts to expire". Salon . Retrieved April 3, 2021.
  10. ↑ Kim, Susanna (October 22, 2010). "45 'Patriotic Millionaires' Call for Bush-Era Tax Cuts to Expire". ABC News. Retrieved April 3, 2021.
  11. ↑ Farnham, Alan (April 12, 2011). "Tax Me, I'm Rich, Says Deep-Pocketed Group". ABC News. Retrieved April 3, 2021.
  12. ↑ Wang, Vivian (February 13, 2019). "New York Millionaires Tell Albany: Tax Us, Please". The New York Times . ISSN   0362-4331 . Retrieved April 3, 2021.
  13. ↑ Talev, Margaret; Runningen, Roger (April 11, 2012). "Obama Enlists Millionaires in Buffett Rule Campaign". Bloomberg News . Retrieved April 3, 2021.
  14. ↑ "Obama, flanked by millionaires, renews push for Buffett Rule". NBC News . April 11, 2012. Retrieved April 3, 2021.
  15. ↑ "Merger With Wealth for the Common Good". Patriotic Millionaires. April 10, 2015. Retrieved April 3, 2021.
  16. ↑ Olen, Helaine (November 20, 2017). "Can Rich Millennials Be Convinced to Give Their Money Away?". The Atlantic . Retrieved April 3, 2021.
  17. ↑ Bhattarai, Abha. "Anti-Trump groups have a new target: McDonald's". The Washington Post . ISSN   0190-8286 . Retrieved April 3, 2021.
  18. ↑ Taylor, Kate (May 22, 2017). "A millionaire former BlackRock exec slams McDonald's over its treatment of workers". Business Insider . Retrieved April 3, 2021.
  19. ↑ "Who We Are". Patriotic Millionaires. Retrieved April 3, 2021.
  20. 1 2 Schouten, Fredreka. "'Patriotic Millionaire' protests against rich political donors". USA TODAY . Retrieved April 3, 2021.
  21. 1 2 Williams, Joseph P. (November 20, 2015). "Patriotic Millionaires Fight for a More Equal Nation". U.S. News & World Report . Retrieved April 3, 2021.
  22. ↑ Goad, Ben (November 18, 2015). "Millionaires back Dems in call for end to tax 'loophole'". The Hill . Retrieved April 3, 2021.
  23. ↑ Pearl, Morris (November 28, 2017). "I'm a Multi-Millionaire So Trump's Tax Plan Is Great for Me. It's a Disaster for Everyone Else". Time Magazine . Retrieved October 8, 2020.
  24. ↑ Quart, Alissa (October 16, 2017). "Meet the new class traitors who are coming out as rich". The Guardian . Retrieved April 3, 2021.
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