Patriotic Millionaires Explained

Patriotic Millionaires
Formation:2010
Founder:Erica Payne
Type:Advocacy group
Region Served:United States
Membership:200+
Website:patrioticmillionaires.org
Size:200px

Patriotic Millionaires is a nonpartisan organization 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.[1] [2] [3]

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

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.[7] [8]

In 2010, the group had about 45 members, and by 2011 they had about 150.[9] [10] As of 2019, Patriotic Millionaires had over 200 members.[11]

In 2012, President Obama mobilized support from prominent members of the Patriotic Millionaires group to advocate for the Buffett Rule.[12] [13]

In 2015, Patriotic Millionaires announced a merger with Wealth for the Common Good, which is now part of the organization.[14] [15]

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.[16] [17]

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.[18] [19] [20] [21] In addition to opposing the Bush tax cuts, the group opposed the Tax Cuts and Jobs Act of 2017.[22] The group supports a reduction in economic inequality. Members of the group believe that concentration of wealth is "destabilizing" and can lead to violence.[23]

Notes and References

  1. News: Gelles. David. 2019-02-12. They're Rich and They're Mad About Taxes (Too Low!). The New York Times. 2020-10-08.
  2. News: Alexander. Sophie. 2020-01-17. The Millionaires Who Actually Want to Pay More in Taxes. en. Bloomberg News. 2021-04-03.
  3. Web site: 2017-10-23. Patriotic millionaire says he's only benefited every time Congress changes the tax code. 2021-04-03. Fox Business. en-US.
  4. Kolhatkar. Sheelah. The Ultra-Wealthy Who Argue That They Should Be Paying Higher Taxes. 2021-04-03. The New Yorker. 20 December 2019 . en-us.
  5. News: Semuels. Alana. 2016-09-29. The Millionaires Who Disagree With Trump on Taxes. The Atlantic. 2020-10-08.
  6. Web site: About Us. 2021-04-03. Patriotic Millionaires. en-US.
  7. Web site: Gold. Matea. 2010-12-09. Obama's tax-cut deal upsets many major donors. 2021-04-03. Los Angeles Times. en-US.
  8. Web site: Conason. Joe. 2010-11-19. "Patriotic millionaires" call for their tax cuts to expire. 2021-04-03. Salon. en.
  9. Web site: Kim. Susanna. 2010-10-22. 45 'Patriotic Millionaires' Call for Bush-Era Tax Cuts to Expire. 2021-04-03. ABC News. en.
  10. Web site: Farnham. Alan. 2011-04-12. Tax Me, I'm Rich, Says Deep-Pocketed Group. 2021-04-03. ABC News. en.
  11. News: Wang. Vivian. 2019-02-13. New York Millionaires Tell Albany: Tax Us, Please. en-US. The New York Times. 2021-04-03. 0362-4331.
  12. News: Talev. Margaret. Runningen. Roger. 2012-04-11. Obama Enlists Millionaires in Buffett Rule Campaign. en. Bloomberg News. 2021-04-03.
  13. Web site: 2012-04-11. Obama, flanked by millionaires, renews push for Buffett Rule. 2021-04-03. NBC News. en.
  14. Web site: 2015-04-10. Merger With Wealth for the Common Good. 2021-04-03. Patriotic Millionaires. en-US.
  15. Web site: Olen. Helaine. 2017-11-20. Can Rich Millennials Be Convinced to Give Their Money Away?. 2021-04-03. The Atlantic. en.
  16. News: Bhattarai. Abha. Anti-Trump groups have a new target: McDonald's. en-US. The Washington Post. 2021-04-03. 0190-8286.
  17. Web site: Taylor. Kate. 2017-05-22. A millionaire former BlackRock exec slams McDonald's over its treatment of workers. 2021-04-03. Business Insider.
  18. Web site: Who We Are. 2021-04-03. Patriotic Millionaires. en-US.
  19. Web site: Schouten. Fredreka. 'Patriotic Millionaire' protests against rich political donors. 2021-04-03. USA TODAY. en-US.
  20. News: Williams. Joseph P.. 2015-11-20. Patriotic Millionaires Fight for a More Equal Nation. U.S. News & World Report. 2021-04-03.
  21. Web site: Goad. Ben. 2015-11-18. Millionaires back Dems in call for end to tax 'loophole'. 2021-04-03. The Hill. en.
  22. News: Pearl. Morris. 2017-11-28. I'm a Multi-Millionaire So Trump's Tax Plan Is Great for Me. It's a Disaster for Everyone Else. Time Magazine. 2020-10-08.
  23. Web site: Quart. Alissa. 2017-10-16. Meet the new class traitors who are coming out as rich. 2021-04-03. The Guardian. en.

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