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Today, in response to President Trump signing the Tax Cuts and Jobs Act into law, members of the Patriotic Millionaires tore into him and his colleagues in the House and Senate for passing one of the most damaging bills in recent memory.
Today, in response to President Trump signing the Tax Cuts and Jobs Act into law, members of the Patriotic Millionaires tore into him and his colleagues in the House and Senate for passing one of the most damaging bills in recent memory.
"This is a dark day for America," said Patriotic Millionaires Chair Morris Pearl, former Managing Director at BlackRock, Inc., "Our President and our Congress have passed a tax bill that will make them and their donors much richer, while leaving millions of poor and middle class American families with higher taxes and without health care. This abdication of their sworn duty to their constituents is disturbing, and to see them celebrate, as they fill their pockets through the hollowing out of the middle class, is truly sickening. This bill will be a disaster for the middle class, and a disaster for this country."
"This tax bill puts money in the pockets of the President, his advisors, Members of Congress, and their wealthy donors, and that money is coming directly from the poor and the middle class," said Patriotic Millionaire George Zimmer, founder of Men's Wearhouse and Generation Tux, "The sheer cruelty necessary to support taking money and healthcare away from people who are struggling, all to enrich yourself, is staggering. This is nothing less than the looting of America."
"This tax bill is disgusting," said Patriotic Millionaire Karen Stewart, retired professor of finance and accounting, "It is simply immoral for our government to take from the poor and the middle class to give to the rich, but that is exactly what Trump just signed into law. By raising taxes on the poor and middle class and pushing 13 million off their insurance, President Trump has just condemned millions of Americans to poverty, sickness, and death."
"The swamp has won. Big league," said Patriotic Millionaire Eric Schoenberg.
"The poor, the working class, in fact, practically every U.S. citizen outside of the 1% class, have just been royally screwed by the passage of this obscene, unfairly structured, so called, 'Tax Reform' bill," said Patriotic Millionaire Stephen Prince, founder and CEO of Card Marketing Services, Inc., "And the sad thing is, it will be months, if not several years, before the public who have been injured by its passage realize it. The Republican Party will spend the next 6-12 months trying to spread lipstick all over this ugly pig of a bill, but ultimately, when the middle or working class look around, they will realize that they have been severely hosed. I, on the other hand, being one of the 1%, will reap the benefits of lower taxes while all of the people who work for me will not. Lucky them, my employees, I am one who covers their healthcare, fully matches their 401K and pays almost double, as a starting wage, the prevailing minimum wage. But others will be less fortunate. The people of America need to wake up! These folks who just pushed this bill through are not out to help you! They wanted to lower their own taxes and those of their ultra rich benefactors, and they have succeeded!"
To schedule an interview or for further comment, please contact Sam Quigley at sam@patrioticmillionaires.org.
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) 446-0489"The new American oligarchy is here," said the CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
New research published Monday shows that the 10 richest people in the United States have seen their collective fortune grow by nearly $700 billion since President Donald Trump secured a second term in the White House and rushed to deliver more wealth to the top in the form of tax cuts.
The billionaire wealth surge that has accompanied Trump's return to power is part of a decades-long, policy-driven trend of upward redistribution that has enriched the very few and devastated the working class, Oxfam America details in Unequal: The Rise of a New American Oligarchy and the Agenda We Need.
Between 1989 and 2022, the report shows, the least rich US household in the top 1% gained 987 times more wealth than the richest household in the bottom 20%.
As of last year, more than 40% of the US population was considered poor or low-income, Oxfam observed. In 2025, the share of total US assets owned by the wealthiest 0.1% reached its highest level on record: 12.6%.
The Trump administration—in partnership with Republicans in Congress—has added rocket fuel to the nation's out-of-control inequality, moving "with staggering speed and scale to carry out a relentless attack on working-class families" while using "the power of the office to enrich the wealthy and well-connected," Oxfam's new report states.
"The data confirms what people across our nation already know instinctively: The new American oligarchy is here," said Abby Maxman, president and CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
"Now, the Trump administration and Republicans in Congress risk turbocharging that inequality as they wage a relentless attack on working people and bargain with livelihoods during the government shutdown," Maxman added. "But what they're doing isn't new. It's doubling down on decades of regressive policy choices. What's different is how much undemocratic power they've now amassed."
"Today, we are seeing the dark extremes of choosing inequality for 50 years."
Oxfam released its report as the Trump administration continued to illegally withhold federal nutrition assistance from tens of millions of low-income US households just months after enacting a budget law that's expected to deliver hundreds of billions of dollars in tax breaks to ultra-rich Americans and large corporations.
Given the severity of US inequality and ongoing Trump-GOP efforts to make it worse, Oxfam stressed that a bold agenda "that focuses on rebalancing power" will be necessary to reverse course.
Such an agenda would include—but not be limited to—a wealth tax on multimillionaires and billionaires, a higher corporate tax rate, a permanently expanded child tax credit, strong antitrust policy that breaks up corporate monopolies, a federal job guarantee, universal childcare, and a substantially higher minimum wage.
"Today, we are seeing the dark extremes of choosing inequality for 50 years," Elizabeth Wilkins, president and CEO of the Roosevelt Institute, wrote in her foreword to the report. "The policy priorities in this report—rebalancing power, unrigging the tax code, reimagining the social safety net, and supporting workers' rights—are all essential to creating that more inclusive and cohesive society. Together, they speak to our deepest needs as human beings: to live with security and agency, to live free from exploitation."
"Does anyone truly believe that caving in to Trump now will stop his unprecedented attacks on our democracy and working people?" asked Sen. Bernie Sanders.
US Sen. Bernie Sanders on Sunday implored his Democratic colleagues in Congress not to cave to President Donald Trump and Republicans in the ongoing government shutdown fight, warning that doing so would hasten the country's descent into authoritarianism.
In an op-ed for The Guardian, Sanders (I-Vt.) called Trump a "schoolyard bully" and argued that "anyone who thinks surrendering to him now will lead to better outcomes and cooperation in the future does not understand how a power-hungry demagogue operates."
"This is a man who threatens to arrest and jail his political opponents, deploys the US military into Democratic cities, and allows masked Immigration and Customs Enforcement agents to pick people up off the streets and throw them into vans without due process," Sanders wrote. "He has sued virtually every major media outlet because he does not tolerate criticism, has extorted funds from law firms and is withholding federal funding from states that voted against him."
If Democrats capitulate, Sanders warned, Trump "will utilize his victory to accelerate his movement toward authoritarianism."
"At a time when he already has no regard for our democratic system of checks and balances," the senator wrote, "he will be emboldened to continue decimating programs that protect elderly people, children, the sick and the poor while giving more tax breaks and other benefits to his fellow oligarchs."
Sanders' op-ed came as the shutdown continued with no end in sight, with Democrats standing by their demand for an extension of Affordable Care Act (ACA) tax credits as a necessary condition for any government funding deal. Republicans have so far refused to negotiate on the ACA subsidies even as health insurance premiums skyrocket nationwide.
The Trump administration, meanwhile, is illegally withholding Supplemental Nutrition Assistance Program (SNAP) funding from tens of millions of Americans—including millions of children—despite court rulings ordering him to release the money.
In a "60 Minutes" interview that aired Sunday, Trump again urged Republicans to nuke the 60-vote filibuster in the Senate to remove the need for Democratic support to reopen the government and advance other elements of their agenda unilaterally. Under the status quo, Republicans need the support of at least seven Democratic senators to advance a government funding package.
"The Republicans have to get tougher," Trump said. "If we end the filibuster, we can do exactly what we want. We're not going to lose power."
Congressional Democrats have faced some pressure from allies, most notably the head of the American Federation of Government Employees (AFGE), to cut a deal with Republicans to end the shutdown and alleviate the suffering it has inflicted on federal workers and many others.
But Democrats appear unmoved by the AFGE president's demand, and other labor leaders have since voiced support for the minority party's effort to secure an extension of ACA subsidies.
"We're urging our Democratic friends to hold the line," said Jaime Contreras, executive vice president of the 185,000-member Service Employees International Union Local 32BJ.
In his op-ed on Sunday, Sanders asked, "Does anyone truly believe that caving in to Trump now will stop his unprecedented attacks on our democracy and working people?"
"If the Democrats cave now, it would be a betrayal of the millions of Americans who have fought and died for democracy and our Constitution," the senator wrote. "It would be a sellout of a working class that is struggling to survive in very difficult economic times. Democrats in Congress are the last remaining opposition to Trump's quest for absolute power. To surrender now would be an historic tragedy for our country, something that history will not look kindly upon."
"Can't follow the law when a judge says fund the program, but have to follow the rules exactly when they say don't help poor people afford food," one lawyer said.
As the Trump administration continued its illegal freeze on food assistance, the US Department of Agriculture sent a warning to grocery stores not to provide discounts to the more than 42 million Americans affected.
Several grocery chains and food delivery apps have announced in recent days that they would provide substantial discounts to those whose Supplemental Nutrition Assistance Program (SNAP) benefits have been delayed. More than 1 in 8 Americans rely on the program, and 39% of them are children.
But on Sunday, Catherine Rampell, an anchor at MSNBC, published an email from the USDA that was sent to grocery stores around the country, telling them they were prohibited from offering special discounts to those at greater risk of food insecurity due to the cuts.
"You must offer eligible foods at the same prices and on the same terms and conditions to SNAP-EBT customers as other customers, except that sales tax cannot be charged on SNAP purchases," the email said. "You cannot treat SNAP-EBT customers differently from any other customer. Offering discounts or services only to SNAP-eligible customers is a SNAP violation unless you have a SNAP equal treatment waiver."
The email referred to SNAP's "Equal Treatment Rule," which prohibits stores from discriminating against SNAP recipients by charging them higher prices or treating them more favorably than other customers by offering them specialized sales or incentives.
Rampell said she was "aware of at least two stores that had offered struggling customers a discount, then withdrew it after receiving this email."
She added that it was "understandable why grocery stores might be scared off" because "a store caught violating the prohibition could be denied the ability to accept SNAP benefits in the future. In low-income areas where the SNAP shutdown will have the biggest impact, getting thrown off SNAP could mean a store is no longer financially viable."
While the rule prohibits special treatment in either direction, legal analyst Jeffrey Evan Gold argues that it was a "perverted interpretation of a rule that stops grocers from price gouging SNAP recipients... charging them more when they use food stamps."
The government also notably allows retailers to request waivers for programs that incentivize SNAP recipients to purchase healthy food.
Others pointed out that SNAP is currently not paying out to Americans because President Donald Trump is defying multiple federal court rulings issued Friday, requiring him to tap a $6 billion contingency fund to ensure benefit payments go out. Both courts, in Massachusetts and Rhode Island, have said his administration's refusal to pay out benefits is against the law.
One labor movement lawyer summed up the administration's position on social media: "Can't follow the law when a judge says fund the program, but have to follow the rules exactly when they say don't help poor people afford food."