Patriotic Millionaires applaud Senator Markey's Equal Tax Act

Today, Senator Edward Markey (D-MA) introduced landmark legislation that would ensure millionaires and billionaires, who earn most of their money passively through investments, pay the same tax rates as working people. The bill would also move to close common loopholes used by the super rich to avoid paying their fair share in taxes.Following the bill’s introduction, Morris Pearl, the Chair of Patriotic Millionaires and a former Managing Director at BlackRock, released the following statement:“For decades, we have been playing a game of Economic Jenga where we pull from the bottom and the middle, load it all on top, and then wonder why the whole thing is about to fall down. We end up with an unfair system that allows for oligarchic wealth to concentrate in the hands of a few individuals. That’s because right now in America, our tax code makes people who have jobs and work for a living pay far higher tax rates than people who make money from investments or inheritances. The money that i