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Offering Solutions: New Legislation

by Patriotic Millionaires | 3.27.18

From the experts at Take On Wall Street:

The GOP tax bill passed last year was a bonanza of tax cuts for Wall Street banks, billionaires, and multinational corporations, increasing their predatory power over our economy and our government. This bill was a huge blow to tax fairness - Congress should reverse it and focus tax legislation on closing loopholes and making Wall Street pay its fair share in taxes. This would not only raise revenue for important public services, but also discourage dangerous financial speculation.

TAKE ON WALL STREET has a few ideas:

  • Close the carried interest loophole which allows billionaire Wall Street money managers to pay lower tax rates than nurses or construction workers. The Carried Interest Fairness Act of 2017 doesn’t just close loopholes and raise revenue -- it also puts a dent in the power of private equity firms to take advantage of workers and investors;
  • Close the CEO Bonus loophole, which allows corporations to deduct CEO salaries above 1 million dollars from their taxable-income. The Stop Subsidizing Multi-Million Dollar Corporate Bonuses Act of 2017 ends tax advantages for giant CEO pay packages that encourage a short-term focus on manipulating stock prices;
  • Create a Wall Street speculation tax that would discourage short-term bets that destabilize markets, and generate billions in new revenue for services our communities need. The Inclusive Prosperity Act of 2017 and the Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act of 2017 would do just this. We need your help in urging your member of Congress to fight for these changes.

Tell your member of Congress to co-sponsor the TAKE ON WALL STREET tax bills!

Patriotic Millionaires

Written by Patriotic Millionaires

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