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American Dream Betrayed

Patriotic Millionaires Vs. Carried Interest

Hello Friends of the Patriotic Millionaires,

I hope that you are all doing well. I am writing to update you on our continued efforts against the carried interest tax loophole.

The carried interest tax loophole is the most indefensible example of money's corruptive influence in politics. Through special interest and weak arguments, proponents keep a loophole open that allows Wall Street investment fund to pay much lower income tax rates than other Americans.

Last month, I found myself at odds with billionaire David Rubenstein. Rubenstein, who directly benefits from the carried interest loophole, was the subject of an extensive piece in the New Yorker (co-published by ProPublica) in which I was even quoted where he defended his low tax rate as a necessary component of his "patriotic philanthropy."

I wrote a response calling out Rubenstein, which you can read here. He uses his wealth to convince lawmakers to maintain a preferential and fundamentally unfair tax status for himself and other millionaires and billionaires. There's nothing patriotic or philanthropic about subverting the fabric of our democracy.

Nine days ago, at the Skybridge Alternatives Conference, former Treasury Secretary Larry Summers put Rubenstein on the spot during one of the panels. Even former Treasury Secretary Robert Rubin chimed in. Summers said that "rarely has a policy persisted for so long in the face of such weak arguments in its favor."

Rubenstein dodged the attacks but the voices are mounting against him. He can't dodge them forever. As support builds from both sides of the aisle, every level of government, and in all corners of the nation, people like Rubenstein are having a harder time peddling their egregious views.

Now more than ever, the Patriotic Millionaires appreciate your support. Together, we are taking steps towards a more equitable and just economic system.

Kindly,

Morris Pearl
Chair of the Patriotic Millionaires

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Previously in Patriotic Millionaires:
* Tax Day: Patriotic Millionaires Available For Comment.

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Previously in Tax Scams:
* Deepwater Horizon Settlement Comes With $5.35 Billion Tax Windfall.

* Offshoring By 29 Companies Costs Illinois $1.2 Billion Annually.

* Government Agencies Allow Corporations To Write Off Billions In Federal Settlements.

* The Gang Of 62 Vs. The World.

* How The Maker Of TurboTax Fought Free, Simple Tax Filing.

* $1.4 Trillion: Oxfam Exposes The Great Offshore Tax Scam Of U.S. Companies.

* How Barclay's Turned A $10 Billion Profit Into A Tax Loss.

* Wall Street Stock Loans Drain $1 Billion A Year From German Taxpayers.

* German Finance Minister Cries Foul Over Tax Avoidance Deals.

* Prosecutor Targets Commerzbank For Deals That Dodge German Taxes.

* A Schlupfloch Here, A Schlupfloch There. Now It's Real Money.

* How Milwaukee Landlords Avoid Taxes.

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Previously in the Panama Papers:
* The Panama Papers: Remarkable Global Media Collaboration Cracks Walls Of Offshore Tax Haven Secrecy.

* The Panama Papers: Prosecutors Open Probes.

* The [Monday] Papers.

* Adventures In Tax Avoidance.

* Mossack Fonseca's Oligarchs, Dictators And Corrupt White-Collar Businessmen.

* Jonathan Pie, TV Reporter! They're All In It Together.

* Meet The Panama Papers Editor Who Handled 376 Reporters In 80 Countries.

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Comments welcome.



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Posted on May 20, 2016


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