{"id":564444,"date":"2021-06-15T12:21:47","date_gmt":"2021-06-15T16:21:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=564444"},"modified":"2021-06-15T12:21:48","modified_gmt":"2021-06-15T16:21:48","slug":"democratic-congressman-wants-patriot-tax-for-wealthy-americans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democratic-congressman-wants-patriot-tax-for-wealthy-americans\/","title":{"rendered":"Democratic Congressman Wants \u2018Patriot Tax\u2019 For Wealthy Americans"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemocratic-congressman-wants-patriot-tax-for-wealthy-americans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=564444&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/Bezos-scaled-1.jpg?w=1200&#038;h=800&#038;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>A Congressman from New York is proposing a \u201cPatriot Tax\u201d for wealthy Americans.<\/span><\/p>\n<p><span>Rep. Thomas Suozzi (D-NY) explained during an <\/span><a href=\"https:\/\/thehill.com\/policy\/finance\/558263-exclusive-democrat-exploring-patriot-tax-on-multimillionaires-wealth?rl=1\"><span>interview<\/span><\/a><span> with The Hill that his \u201cPatriot Tax\u201d would force Americans to pay a one-time, 2.5% tax on wealth between $50 million and $100 million. Meanwhile, those with wealth above $100 million would pay 5%. The proposal would allow taxpayers to make payments over the course of five years.<\/span><\/p>\n<p><span>Suozzi explained that the tax would be \u201ca way to help your country to build back better.\u201d<\/span><\/p>\n<p><span>\u201cWe all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,\u201d he asserted.<\/span><\/p>\n<p><span>Suozzi has not yet introduced a bill on the matter; nevertheless, leading Democrats have recently released similar legislation.<\/span><\/p>\n<p><span>In March, Sen. Elizabeth Warren (D-MA), Rep. Pramila Jayapal (D-WA), and other progressives <\/span><a href=\"https:\/\/www.dailywire.com\/news\/elizabeth-warren-proposes-ultra-millionaire-wealth-tax\"><span>introduced<\/span><\/a><span> a tax on \u201cultra-millionaire\u201d households \u2014 a policy that would help to fund President Biden\u2019s new social programs.<\/span><\/p>\n<p><span>A statement from Warren\u2019s office reads:<\/span><\/p>\n<blockquote readability=\"14\">\n<p><span>The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the COVID crisis began\u2026 This is money that should be invested in child care and early education, K-12, infrastructure, all of which are priorities of President Biden and Democrats in Congress. I\u2019m confident lawmakers will catch up to the overwhelming majority of Americans who are demanding more fairness, more change, and who believe it\u2019s time for a wealth tax.<\/span><\/p>\n<\/blockquote>\n<p><span>In 2019, Warren <\/span><a href=\"https:\/\/www.dailywire.com\/news\/warren-wants-amazon-to-pay-its-fair-share-jeff-bezos-just-wrote-a-massive-check-to-charity-again\"><span>proposed<\/span><\/a><span> the \u201cReal Corporate Profits Tax,\u201d which would \u201censure every corporation pays their fair share.\u201d<\/span><\/p>\n<p><span>As Warren\u2019s team explained at the time:<\/span><\/p>\n<blockquote readability=\"10\">\n<p><span>This new tax only applies to companies that report more than $100 million in profits \u2014 about the 1200 most profitable firms in the country last year. That first $100 million is left alone, but for every dollar of profit above $100 million, the corporation will pay a 7% tax. Any company profitable enough to hit the Real Corporate Profits Tax will pay that tax in addition to whatever its liability might be under our current corporate tax rules.<\/span><\/p>\n<\/blockquote>\n<p><span>In May 2021, the \u201cPatriotic Millionaires\u201d \u2014 a coalition of people with incomes over $1 million or assets over $5 million \u2014 <\/span><a href=\"https:\/\/www.dailywire.com\/news\/millionaires-who-support-raising-taxes-on-the-rich-protest-in-front-of-amazon-ceo-jeff-bezos-home\"><span>protested<\/span><\/a><span> in front of Amazon CEO Jeff Bezos\u2019 homes in New York and Washington. Reflecting Suozzi\u2019s \u201cPatriot Tax\u201d proposal, the group argues that wealthy Americans have a patriotic duty to give more of their incomes to the federal bureaucracy.<\/span><\/p>\n<p><span>\u201cTax the rich. Save America. Yes it really is that simple,\u201d reads one of their billboards targeted at Bezos, Facebook CEO Mark Zuckerberg, and Tesla CEO Elon Musk.<\/span><\/p>\n<p><span>One year earlier, the Congressional Budget Office <\/span><a href=\"https:\/\/www.dailywire.com\/news\/fair-share-top-20-households-pay-vast-majority-james-barrett\"><span>revealed<\/span><\/a><span> that the top 20% of American households pay nearly 90% of federal income taxes.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Congressman from New York is proposing a \u201cPatriot Tax\u201d for wealthy Americans.Rep. Thomas Suozzi (D-NY) explained during an interview with The Hill that his \u201cPatriot Tax\u201d would force Americans &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280330,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/Bezos-scaled-1.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Democratic Congressman Wants \u2018Patriot Tax\u2019 For Wealthy Americans","footnotes":""},"categories":[],"tags":[],"class_list":["post-564444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/Bezos-scaled-1.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Democratic Congressman Wants \u2018Patriot Tax\u2019 For Wealthy Americans","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/564444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=564444"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/564444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280330"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=564444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=564444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=564444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}