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For Immediate Release
September, 27 2017, 12:00pm EDT
Contact:
Sam Quigley, sam@patrioticmillionaires.org, 202-446-0489
Patriotic Millionaires on "Trump's Trickle Down" Tax Plan
"It's somewhere between indefensible and obscene."
WASHINGTON
Today, the Patriotic Millionaires blasted the Trump Administration's just-released Tax Plan. The group, which includes hundreds of America's wealthiest citizens, released the following official statement:
"The Trump Tax Plan is nothing but a payoff to millionaires and multinational corporations. It is an embarrassment to history, common sense and decency that any elected official continues to perpetuate the total fraud of Trickle Down Economics. Time and again that epic lie has served as the justification for taking money that belongs to the American people and handing it over to a few thousand well-connected political donors. They pretend it is a philosophy. This is not a philosophy, this is a pay off."
The group went on to make several specific points about some of the details of the tax framework:
- On the reduction of the top rate: "Lowering the top rate for America's richest people in the face of already destabilizing inequality is irresponsible bordering on immoral."
- On the repatriation of profits: "The Administration has decided to reward companies for essentially stealing American taxpayers' money by hoarding it overseas. How is that good for the middle class?"
- On the reduction of the corporate tax rate: "Randall Stephenson, the chief executive of AT&T is wrong. The correlation between lower corporate tax rates and more jobs is not 'very, very tight,' it is nonexistent. From 2008-2015 the company paid an effective rate of 8%, they laid off 80,000 people, and Mr. Stephenson cashed in $124 million in stock options. Companies do not hire more people when you lower their tax rate, they overpay their already overpaid executives."
- On the elimination of the Estate tax: "We can't wait to hear President Trump try to explain how a $4 billion tax cut for Ivanka and Tiffany helps the middle class."
- On the elimination of the AMT: "The elimination of the Alternative Minimum Tax will virtually guarantee that thousands of Americas wealthiest people will pay no tax at all. How will be left holding the bill for that lost revenue? The middle class."
- On the territorial tax system: "President Trump's big plan to boost the middle class starts by helping multinational corporations avoid paying any taxes at all? That is absurd."
- On reducing the number of tax brackets: "If anything, we need more tax brackets. Someone making $5 million, $10 million, or $50 million a year should definitely pay higher taxes than someone making $400,000 a year. How can we even debate this?"
The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.
(202) 446-0489LATEST NEWS
'Betsy DeVos 2.0': Trump Picks WWE Billionaire Linda McMahon to Lead Education Department
"During his first term, Donald Trump appointed Betsy DeVos to undermine and ultimately privatize public schools through vouchers," said the president of the National Education Association. "Now, he and Linda McMahon are back at it."
Nov 20, 2024
U.S. President-elect Donald Trump announced late Tuesday that he intends to nominate Linda McMahon, the billionaire former CEO of World Wrestling Entertainment, to lead the Department of Education, a key agency that Republicans—including Trump and the authors of Project 2025—have said they want to abolish.
McMahon served as head of the Small Business Administration during Trump's first White House term and later chaired both America First Action—a pro-Trump super PAC—and the America First Policy Institute, a far-right think tank that has expressed support for cutting federal education funding and expanding school privatization.
Trump touted McMahon's work to expand school "choice"—a euphemism for taxpayer-funded private school vouchers—and said she would continue those efforts on a national scale as head of the Education Department.
"We will send Education BACK TO THE STATES, and Linda will spearhead that effort," Trump said in a statement posted to his social media platform, Truth Social. (McMahon is listed as an independent director of Trump Media & Technology Group, which runs Truth Social.)
The National Education Association (NEA), a union that represents millions of teachers across the U.S., said in response to the president-elect's announcement that McMahon is "grossly unqualified" to lead the Education Department, noting that she has "lied about having a degree in education," presided over an organization "with a history of shady labor practices," and "pushed for an extreme agenda that would harm students, defund public schools, and privatize public schools through voucher schemes."
"During his first term, Donald Trump appointed Betsy DeVos to undermine and ultimately privatize public schools through vouchers," NEA president Becky Pringle said in a statement. "Now, he and Linda McMahon are back at it with their extreme Project 2025 proposal to eliminate the Department of Education, steal resources for our most vulnerable students, increase class sizes, cut job training programs, make higher education more expensive and out of reach for middle-class families, take away special education services for disabled students, and put student civil rights protections at risk."
"The Department of Education plays such a critical role in the success of each and every student in this country," Pringle continued. "The Senate must stand up for our students and reject Donald Trump's unqualified nominee, Linda McMahon. Our students and our nation deserve so much better than Betsy DeVos 2.0."
Randi Weingarten, president of the American Federation of Teachers, took a more diplomatic approach, saying in a statement that "we look forward to learning more about" McMahon and that, if she's confirmed, "we will reach out to her as we did with Betsy DeVos at the beginning of her tenure."
"While we expect that we will disagree with Linda McMahon on many issues, our devotion to kids requires us to work together on policies that can improve the lives of students, their families, their educators, and their communities," Weingarten added.
McMahon is one of several billionaires Trump has selected for major posts in his incoming administration, which is teeming with conflicts of interest. During Trump's first term, McMahon and her husband, Vince McMahon, made at least $100 million from dividends, investment interest, and stock and bond sales.
The Guardiannoted Tuesday that "in October, [Linda] McMahon was named in a new lawsuit involving WWE."
"The suit alleges that she and other leaders of the company allowed the sexual abuse of young boys at the hands of a ringside announcer, former WWE ring crew chief Melvin Phillips Jr," the newspaper reported. "The complaint specifically alleges that the McMahons knew about the abuse and failed to stop it."
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Rahm Emanuel Made Alarming Stock Trades as Ambassador to Japan
A report on the "suspiciously timed" trading comes as the longtime party insider mulls a run for Democratic National Committee chair.
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"Siri, what is insider trading?"
That's how one reader responded to Tuesday reporting by The American Prospect's Daniel Boguslaw that Rahm Emanuel, who is supposedly mulling a bid for Democratic National Committee (DNC) chair, made some concerning financial moves while in his current government job.
Emanuel is the U.S. ambassador to Japan. He was previously the mayor of Chicago, a Democratic Illinois congressman, and a key adviser to former Presidents Barack Obama and Bill Clinton. While in the House of Representatives, he chaired the Democratic Congressional Campaign Committee and then the party's caucus in the chamber. He's also been an investment banker.
As Boguslaw detailed Tuesday:
Periodic transaction reports filed with the Office of Governmental Ethics over the past two years suggest that Chicago's golden boy may be better served returning to his roots on Wall Street, given the six-figure trades he executed at highly opportune moments in U.S.-Japanese trade relations.
Among the millions of dollars of stock trades Emanuel conducted between 2021 and 2024 while serving as ambassador, one purchase jumps out. On September 29, 2023, Emanuel bought between $250,000 and $500,000 worth of stocks in CoreWeave, a leading AI cloud computing service.
Emanuel's purchase took place one day before the Japanese government announced a $320 million subsidy to Micron Technology to manufacture storage components that are essential to the Nvidia chips which CoreWeave relies on for its AI computation services.
Emanuel "purchased between $100,000 and $250,000 worth of Ocient stock on March 8, 2024, before the close of the firm's series B raise," after the Illinois "data analytics company's CEO Chris Gladwin traveled to Japan in October on a trade delegation mission," Boguslaw noted. "At the end of July, Rahm also purchased between $50,000 and $100,000 worth of stock in Monroe Capital, a Chicago-based middle-market lender that specializes in collateralized debt obligations, the Frankenstein financial product that crashed global markets in 2008."
While Emanuel did not respond to the Prospect's request for comment, Jeff Hauser, executive director of the Revolving Door Project, declared on social media that it was a "MASSIVE STORY!"
Hauser told Common Dreams that "being ambassador to Japan is a big job, but normally owing to its importance to America's relationship with a key ally in a critical area of the globe, and not because of the access it apparently provides to actionable stock tips."
"Ambassador Emanuel's brain ought to have been focused on improving America's lot in East Asia, not maximizing his retirement account," he said. "We at Revolving Door Project have long argued that senior government officials should be limited to investing in diversified mutual funds rather than stock by stock. That Emanuel was making exotic investments in businesses he may have learned about on the government's dime only underscores the need for such reforms."
"If Democrats are to ever put a full and final end to Trumpism, they are going to need to develop a clear and consistent critique of why corruption by public officials is a bad thing. That would make Rahm Emanuel among the worst possible choices for DNC chair, especially since Sen. Menendez seems likely to be unavailable for the position," Hauser added, referring to Bob Menendez, a former Democratic senator from New Jersey who in July was convicted of taking bribes.
As Common Dreamsreported last week, progressive critics of Emanuel have called his potential leadership of the DNC—after various devastating losses for the party on Election Day earlier this month—a "sick joke" and "the worst idea in the world."
Noting Emanuel's consideration of the job in an email to supporters on Tuesday, Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) said that "there is a disease in Washington of Democrats who spend more time listening to the donor class than working people. If you want to know the seed of the party's political crisis—that's it."
"The DNC needs an organizer who gets people," she asserted. "Not someone who sends fish heads in the mail."
Martin O'Malley, a former Democratic presidential candidate and Maryland governor, and Ken Martin, the Minnesota Democratic-Farmer-Labor Party chair and a DNC vice chair, have both formally launched their campaigns for the position.
Other potential contenders for the DNC post include Wisconsin Democratic Party Chair Ben Wikler and Chuck Rocha, a political strategist for the latest campaign of Sen.-elect Ruben Gallego (D-Ariz.) and the presidential campaign of Sen. Bernie Sanders (I-Vt.).
Sanders, who caucuses with Democrats, said after the elections earlier this month that "it should come as no great surprise that a Democratic Party which has abandoned working-class people would find that the working class has abandoned them."
According toCBS News:
Rocha said he's still waiting to see how the field develops before jumping in, and "if there's a better candidate that really stands for what I want to see done with the party."
But Rocha has set several action items he would take as chair: eliminate education requirements for senior DNC positions, mandating that state parties "be more inclusive" and diverse with consultant hiring, and to focus on building party infrastructure in all 50 states.
Asked about Martin's and O'Malley's campaigns, Rocha called them "names that are from the institution."
"I think we need somebody from the outside and a strategist to come in and rebuild the party," said Rocha, who noted that his non-college background and upbringing in East Texas could be an advantage as the party looks to reconnect with working-class voters.
Politicoreported Tuesday that another Sanders ally, James Zogby, "expects to formally launch his campaign in the coming days."
A longtime DNC member and president of the Arab American Institute, Zogby told Politico that he was motivated to run by his anger over Republican President-elect Donald Trump's defeat of Democratic Vice President Kamala Harris.
Zogby criticized Harris for campaigning with former Rep. Liz Cheney (R-Okla.), said the Democratic Party was too "focused on suburban women and not on white working-class people," and called the decision to not invite a Palestinian American to speak at the national convention "unimaginative, overly cautious, and completely out of touch with where voters are."
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'Fund Housing Not Genocide': Arrests at Capitol Protest Over US Complicity in Gaza
Demonstrators called on Congress to invest in climate action, education, healthcare, housing, and jobs rather than arming Israel.
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At least 44 people were reportedly arrested at the U.S. Capitol in Washington, D.C. on Tuesday for a protest over government complicity in Israel's assault on the Gaza Strip, as Congress prepares for key votes this week.
The demonstrators who descended on the Philip A. Hart Senate Office Building are "members of faith groups, moms, healthcare workers, educators, students, [and] veterans," according toZeteo reporter Prem Thakker.
Participants wore red T-shirts and unfurled banners—which footage on social media shows were snatched by police—urging Congress to fund climate action, education, healthcare, housing, and jobs, "not genocide." There were also messages pushing lawmakers to "stop arming Israel" and telling them it is "time to act."
Thakker reported that the protesters were calling on senators to support joint resolutions of disapproval (JRDs) that Sen. Bernie Sanders (I-Vt.) introduced in September and plans to bring to the floor for a vote on Wednesday.
The JRDs would block the sale of U.S. tank rounds, bomb kits, and other weapons to the Israeli government, which faces a genocide case at the International Court of Justice for an assault on Gaza that has killed at least 43,972 Palestinians.
So far just six other members of the chamber—Sens. Tim Kaine (D-Va.), Jeff Merkley (D-Ore.), Brian Schatz (D-Hawaii), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.)—have signaled support for the resolutions.
Even if the JRDs were passed by the Senate, they would need to get through the Republican-held U.S. House of Representatives to reach President Joe Biden's desk—and if the Democrat vetoed them, an override requires two-thirds support in both chambers.
Citing Capitol Police, ABC News reporter Beatrice Peterson said Tuesday that "all 44 individuals arrested were charged with crowding, obstructing, and incommoding. Two of them were also charged with assault on a police officer."
Meanwhile, in Illinois, 13 members of Chicago's chapter of Jewish Voice for Peace (JVP) were arrested for shutting down Caterpillar's Business and Analytics Hub by blocking escalators and elevators.
"Caterpillar builds armored D9 bulldozers that the Israeli military uses in its genocidal campaign in Gaza and to demolish homes in the occupied West Bank," JVP Chicago said in a statement. "This protest comes at a historic moment: This week Congress is set to vote on legislation to block U.S. weapons sales to the Israeli government."
As the Chicago protesters were arrested, they called on Sen. Tammy Duckworth (D-Ill.) to support Sanders' resolutions.
The other upcoming congressional vote garnering attention from anti-genocide activists is H.R. 9495, which would empower the treasury secretary to strip organizations of their nonprofit status by labeling them terrorist supporters with no due process. Republicans are reviving the bill after it failed to pass the House via a fast-track procedure last week, despite bipartisan support.
JVP's national arm has called H.R. 9495 "dangerous and unconstitutional," and warned that it "would give the incoming Trump administration the power to unilaterally shut down nonprofit organizations it doesn't like."
"This bill is part and parcel of the MAGA assault on democracy and fundamental freedoms," JVP said, "and it must be defeated again."
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