Patriotic Millionaires Call For New Tax Code to Urge the Wealthiest in Paying More Taxes

The Patriotic Millionaires announced a call for a new tax code to bring back fairness and economic sustainability. This means that they demand the wealthiest in the U.S. to pay more taxes.

On April 18, during a press conference on Tax Day, the Patriotic Millionaires, a nonpartisan organization of Americans with high net worth, announced a call for a new tax code. This new tax code reportedly intends to bring back fairness and economic sustainability in the U.S. by allowing the wealthiest to pay more taxes.

According to Sumagaysay, Patriotic Millionaires’ spokesperson Abigail Disney believes that the wealthiest must be required to return what they have benefited from the U.S. economy back to the society. Instead of letting the wealthiest amass fortunes that may threaten the country’s democracy, Disney believes that U.S.’s tax framework must be amended

READ ALSO: New York Progressives Advocates An Increased Of Income Tax For The Highest Income Earners

Core Principles of the Patriotic Millionaires

According to Rosenberg, Disney outlined the three core principles supported by the Patriotic Millionaires. First, the organization believes that incomes that are more than a million dollars must be treated equally whether they are generated from inheritance, ordinary income, or capital gains.

Furthermore, the Patriotic Millionaires also believe that the income tax code must be progressive. This means that the standard deduction must be raised so individuals who do not earn anything will be charged nothing. In doing so, those who earn extremely high incomes will be imposed with relatively higher marginal tax rates. Lastly, the Patriotic Millionaires also believe that a bill that is particularly designed to rein in wealth taxes on the richest must be passed.

READ ALSO: New IRS Commissioner Says Incomes Below $400,000 Won’t Have Higher Audit Rates