WASHINGTON – In response to recent reporting that the Biden administration is planning to increase the long-term capital gains tax rate on people earning more than $1 million a year up to 39.6% as part of its forthcoming American Families Plan, Morris Pearl, former managing director at Blackrock, Inc., Chair of the Patriotic Millionaires, and co-author of Tax the Rich!, issued the following statement:
“President Biden’s plan to have millionaires pay the same tax rates on their long term capital gains as working Americans do on their wages is a no brainer. There is no reason that money earned through wealth and investments should be taxed at a lower rate than the money that people earn from work.
Biden has the right idea—our tax code should value work over wealth. Millionaires like me who sit around and live off of our investments should not pay a lower tax rate than Americans who work for a living. It’s not anti-capitalist, it’s common sense.
Take it from a millionaire investor—investors don’t need any extra incentive to invest. What else are we going to do with our money, put it in a mattress? Last I checked mattresses don’t provide particularly high returns.”