"The Patriotic Millionaires," a group whose members earn over a million dollars or own assets worth more than five million dollars, organized "millionaire" protests with banners stating "Stop the nonsense. Tax the rich." A group of millionaires took to the streets yesterday, Monday, protesting in front of homes in New York and Washington owned by Jeff Bezos of Amazon, who is considered the richest man in the world.
Amazon has paid less than half of the taxes owed to them. The protest, organized by the Patriotic Millionaires coalition— a coalition of wealthy individuals advocating for progressive political changes—was held in observance of Tax Day, when Americans submit their tax returns to the federal government. The group also aimed to highlight President Joe Biden’s plan to raise taxes on corporations and Americans earning over $400,000 annually.
These tax increases are intended to fund the president's $2 trillion infrastructure proposal and the $1.8 trillion American Families Plan. Morris Pearl, the chairman of the Patriotic Millionaires and former CEO of BlackRock, told The Guardian: "We end up with a few wealthy people and a lot of poor people, and that does not work."
The millionaires support raising corporate taxes. Pearl added: "This is not a way you can run a sustainable community," according to the British newspaper. Erica Payne, chair of the Patriotic Millionaires, stated: "It makes sense to ask those who have clearly benefited from our system to reinvest a substantial portion of their excess wealth into that system."
Although Bezos has claimed he supports raising the corporate tax rate, Amazon has long faced protests regarding tax evasion. According to calculations by the Institute on Taxation and Economic Policy in February, Amazon only paid a federal income tax rate of 9.4% in 2020, which is less than half the legal rate of 21%.
The Biden administration proposes increasing the corporate tax rate from 21% to 28%, reflecting, in part, the tax cuts pushed by Donald Trump. Notably, the corporate tax rate in the United States was 35% before Trump and Republican Congress members enacted tax reductions in 2017. Biden's infrastructure plan will fund childcare and universal preschool education facilities, as well as programs to rebuild failing transportation systems and public housing.
Protests were also planned in front of Senate Minority Leader Mitch McConnell's home in Washington, and Senate Majority Leader Chuck Schumer's office in New York, among others.
