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On Monday, a group of millionaires took to the streets to protest in front of houses owned by New York and Washington. Jeff Bezos Amazon, the richest man in the world.
The protests organized by the Patriotic Millionaires are coalitions of wealthy individuals who promote gradual policy changes in order to commemorate “Tax Day” when Americans submit income tax returns to the federal government.
The organization also tried to highlight Joe Biden’s plan to increase taxes for companies and Americans with annual revenues of more than $400,000.The tax increase is to pay the president’s tax $2tn infrastructure proposal with $1.8tn American Family Plan.
Members of patriotic millionaires with incomes of more than 1 million U.S. dollars or assets worth more than 5 million U.S. dollars, they campaign in front of Bezos’s house, and billboards read “Cut nonsense. Tax the rich.”
Morris Pearl, chairman of the Patriotic Millionaire Committee and a former BlackRock executive, told the Guardian: “We ended up with a few rich people and a lot of poor people, but it didn’t work.”
“This is not a way for you to run a sustainable society.”
Bezos has already stated that he supports raising the corporate tax rate.But Amazon has long been the subject of protests About tax avoidance.
according to Calculations by the Institute of Progressive Taxation and Economic Policy In February, 2020, Amazon only paid a federal income tax rate of 9.4%, less than half of the statutory 21% tax rate.
The Biden administration proposes to increase the corporate tax rate from 21% to 28%, partially reversing it Donald Trump promoted cuts. until Trump and Republican members of Congress passed tax cuts in 2017. The highest corporate tax rate in the United States is 35%.
In the UK, the current corporate tax rate is 19%. In Ireland, this ratio is 12.5%, one of the lowest among EU countries, leading many companies to move their business overseas.
Biden’s infrastructure plan will provide funding for childcare and free universal pre-school education facilities, as well as plans to rebuild the paralyzed transportation system and public sector housing.
Erica Payne, president of the Patriotic Millionaire, said in a statement: “It requires people who have clearly benefited from our system to reinvest a large part of their excess wealth into the system. more meaningful.”
Protests are also planned to be held at the residence of Senate Minority Leader Mitch McConnell (Mitch McConnell) in Washington, Senate Majority Leader New York Chuck Schumer (Chuck Schumer) and others.
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