The carried interest tax loophole is an absurd, outdated tax code that allows investment managers to cash in with preferential treatment. Investment managers pay much lower tax rates than traditional workers, resulting in a grave economic disparity.
Watch the Patriotic Millionaires say in their own words why they are fighting to close this appalling loophole by clicking on the picture below:
Last year, the Patriotic Millionaires tried to close this loophole at the federal level. However, inaction in Congress left the inequitable tax policy unchanged.
As a result, in response to the stalemate in Congress, this year the Patriotic MIllionaires are embarking on a state-by-state approach for NY, CA, CT, IL, MA, NJ, and PA, aiming to close the loophole and send a signal loud and clear to Wall Street: it is the people, not Wall Street, who run this country.
With gains from additional tax receipts, our coalition is hoping to invest money where it will help everyday Americans most: in jobs, infrastructure, schools, and clean energy alternatives. Conservative estimates show that if the loophole is closed, New York could see $3.7 billion in tax revenue that is currently sitting in the pockets of Wall Street's elite.
"This loophole is perhaps one of the most egregious examples of corporate welfare that I've ever seen. You know that there is something seriously wrong with the system when average hard working New Yorkers-school teachers, firefighters, police officers-pay a higher percentage in taxes than hedge fund millionaires," said Assemblyman Jeffrion Aubry, Speaker Pro Tempore of the New York State Assembly, who plans to introduce new legislation today to close the loophole.
We are proud of the work our Patriotic Millionaires are doing. We ask you to amplify our voice today by sharing coverage of events on social media and with friends and family.