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CNSNews.com
20 Apr 2023


NextImg:'Patriotic Millionaires' Won't Sign Pledge to Pay More Taxes Voluntarily

(CNSNews.com) -- The Patriotic Millionaires organization, whose millionaire members claim they want to pay higher taxes to the federal government, were unwilling to sign a pledge to do just that because it would require them as individuals to voluntarily pay higher taxes. Instead, the Patriotic Millionaires want Congress to pass laws making all millionaires pay more in taxes.

"A bunch of millionaires said they want to pay higher taxes and they're advocating for it, but they won't sign a pledge saying they're willing to pay the taxes that they endorse," said Stepehn Moore, a co-founder of the Committee to Unleash Prosperity. 

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At an April 18 (Tax Day) press conference outside the U.S. Capitol, millionaire Morris Pearl, a former BlackRock executive and current chairman of the Patriotic Millionaires, said, "We are a group of hundreds of wealthy Americans and business leaders united in our concern about historic levels of inequality and the destabilizing level of wealth and power  in America."

"I'm joined by Dr. Abigail Disney and a few dozen other members of Patriotic Millionaires here today with one request to our lawmakers in there: Tax us!  We want to pay higher taxes and everyone else wants to pay higher taxes as well."

In her remarks, Abigail Disney, who has a reported net worth of $120 million, said it is "time to enact a new tax code" that "requires those who have benefitted the most from America's economic structure, to recycle a significant portion of that benefit back into our socity, rather than allowing them to amass fortunes so large that they threaten our democracy."

However, when asked if they would sign a pledge to voluntarily pay more taxes, neither Morris Pearl, Abigail Disney, nor any of the other Patriotic Millioniares at the press conference would do so. 

During the Q&A section of the press conference, Stephen Moore said to the Patriotic Millionaires, "Thank you, by the way, for doing this. It's incredibly patriotic what you're talking about in terms of being willing to pay more taxes."

"I think, Morris, you started out this press confereence by saying you wanted to pay more taxes," said Moore. "And so, I represent a group called the Committee to Unleash Prosperity and we have these pledges. How many of you here are millionaires? I know you are. (Many people raised their hands.) A number of you."

"We're hoping that each one of you will sign this pledge that says you will pay a 90% tax, just as you're endorsing today -- because you say it's your patriotic duty to do so -- and so I'm hoping each one of you will sign this pledge," said Moore. 

Moore then approached the group and started to hand out the pledge form, which says, he paraphrased,  "I'm willing to pay a 90% tax because you said it's your patriotic duty."

Stephen Prince, vice-chairman of the Patriotic Millionaires, took a pledge and then said to Moore, "So we understand, do you want me to do that individually or --."

"I've got pens, let's get people to sign these," said Moore. "You said you wanted to pay more taxes."

Pearl then interjected, "We said we wanted to change the system."

Moore replied, "No, you said you wanted to pay more taxes. ... Don't you think it's your patriotic duty to pay more taxes?"

None of the millionaires present signed the pledge, reported Moore.

"A bunch of millionaires said they want to pay higher taxes and they're advocating for it, but they won't sign a pledge aying they're willing to pay the taxes that they endorse. Not one of these Patriotic Millionaires raised their hand and said I'm willing to p ay more taxes voluntarily." 

To read about the policy proposals of the Patriotic Millionaires, click here

One of the group's proposals is a revised tax on estates, a tax on the money that parents pass on to their children or designated benificiaries.

Dynasic wealth is "an unprecedented and existential threat" to the nation, according to the Patriotic Millionaires.  

"A key reason is our flawed estate tax, which allows the wealthiest Americans to inherit millions of dollars completely tax-free," states the organization.  "As 19 million Americans live in poverty, the children of multi-millionaires and billionaires who haven’t worked a day in their life get to be handed their parents’ fortunes without paying their fair share. The 2017 Tax Cuts and Jobs Act made matters even worse by increasing the amount that rich heirs could inherit tax-free."

"Dynastic wealth is corrosive to everything the United States of America is supposed to stand for," said Patriotic Millionaires.  "It skews our economy, tilting it towards a few wealthy individuals while hollowing out the middle class who actually make our economy work."