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Taxing times
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ones get significantly less progressive when it
this due diligence meeting with lots of bankers.
I really believe that if we don’t change course,
more. But luckily there were enough that saw
turned out to be a riot.
country where I grew up.”
comes to actually asking them personally to pay how important this issue is and got on board.”
I thought I was looking out at a parade, but it
“I just decided then that I could do more for
they’re not going to grow up in the kind of “Morris likes to say that he doesn’t do this
Pearl, who is the chair of Patriotic Millionaires,
my children and grandchildren by advocating
out of the kindness of his heart,” Payne adds.
to Greece. “I walked over to the window during
by making another few million dollars for them.
just selfish for a different kind of country; one
says his epiphany came during a business trip
for changing government policies than I could
“He’s just as selfish as other millionaires – he’s that requires him to pay more in taxes.”
“I think everyone should be a millionaire.
It’s great, you should try it too. I just think that
those of us who have the good fortune to be millionaires should pay the same tax rates as
people who get a paycheck every week with
It’s not just headline-hungry politicians and socialists who believe the wealthy should pay more tax: some millionaires are also volunteering to do just that. Andrew Shirley meets the woman who has helped convince them
tax deducted from it, that’s all,” agrees Pearl.
Joe Biden looks increasingly likely to lose
control of both Congress and the Senate in
November’s mid-term US elections, and his prospects of winning another term in office
also hang in the balance. It seems unlikely,
E
therefore, that the Patriotic Millionaires’ rica Payne, unlike some who
What also frustrates her is her fervent belief
be taxed at a very high percentage.” Wealth
is rigged in favour of the wealthiest. “I am happy
“The people who create jobs for all the Apple
campaign for the wealthy to
that the tax system in her country, and others,
an existential problem with
for them to be rich. We simply want them to do
pay more tax, doesn’t have
people being rich. In fact, she’s happy to admit
that she’d like to be richer herself. What the Washington DC resident does have a problem
with is people with lots of money not paying
their “fair share”, especially when social issues are on the rise in the US.
what we ask every other person in the world to do. Be a part of our society, do your fair share,
don’t try to skirt your responsibilities, and don’t
spend a whole bunch of your money manipulating the political system.”
opioids, life expectancy going down for segments
of our population, deaths of despair, deaths due to alcohol, suicide and drugs at the highest point they have ever been since people started recording them.”
They should embrace it. They should be excited. They should be so thrilled to be champions of a rich world for them to be rich in
private equity investments, much lower rates of
tax on capital gains from investments than on
Despite her book’s provocative title – and it’s
socialist manifesto. For starters, Payne’s not
arguments as quickly as I can reel them off.
People will move elsewhere if they are taxed
too much: “Millions of people live in New York
herself “infuriated” with President Obama during when it “became clear that he was going to
cave in to Republican demands to extend the
Payne has to jump off our call for another
question. Should the rich be worried about
without hesitation: “They should embrace it. They should be excited. They should be so
thrilled to be champions of a rich world for them to be rich in.”
called the Patriotic Millionaires that would, instead, campaign to actually be taxed more.
How, I wonder, did she persuade the 200 or
in the world.” The wealthy already pay the most
to vote for Christmas. “It absolutely was a tough
burden to feel similar to mine you need to
ominously of revolution.
Bush tax cuts”, she decided to form a group
so members of the group to join? It does sound
tax: “When you have US$250 billion, for your
against them.” For his part, Pearl warns
what you are trying to achieve? She responds
City and make money here, even though we have higher tax rates than almost any place else
and 71% of them think the economy is rigged
And she doesn’t mind hanging out with
worth at least US$5 million.
his “lame duck” session of Congress in 2010,
battle hardened, neatly batting away the counter-
and billionaires do not pay high enough taxes,
meeting, but says she’d love to take one last
There are plenty of economists who would
and Pearl, who has also joined our Teams call, are
lines. “Public polls have shown that the vast
US$1 million a year and/or doesn’t own assets
millionaires. So much so that after finding
disagree with her case for higher taxes, but she
But Payne insists that politicians should
majority of Americans believe that millionaires
sewage treatment plants and schools.”
earned income and the ability to pass on wealth untaxed via the inheritance tax system.
to pass any time soon.
concert hall, but we also need other things like
easy to raise millions of dollars to build a new
interested in anybody who earns less than
millionaire, include the treatment of returns from
dollar of income over US$1 million, will come
be wary of looking at the issue along party
former BlackRock executive and an unashamed
tells me. “That inequality has an unbelievable
income tax and equalising the tax rate on every
iPhone.” The wealthy give a lot to charity: “It’s
an equally lively read – it’s certainly not a
which she co-authored with Morris Pearl, a
human cost: 2.5 million people addicted to
workers are all those who line up to buy a new
Examples she uses in the book Tax the Rich,
“We’re in a situation right now, Andrew,
where we’re at historic levels of inequality,” she
“trickles down” and creates a lot of employment:
proposals, which include a billionaire’s
a bit like the proverbial cliché of asking turkeys sell – there were a lot of millionaires I talked with
who refused to join. Even a lot of the ‘progressive’
US Congresswoman Alexandria Ocasio-Cortez makes a statement at the 2021 Met Gala in New York
