With economists warning that U.S. President Donald Trump's trade war will raise the cost of living for millions of American families and could soon fuel a recession, the economic justice group Patriotic Millionaires on Monday unveiled a "bold, surprisingly simple economic framework" to stop the oligarchy from amassing more power at the expense of working people and "permanently stabilize the economic lives of working people."
Four pieces of legislation would form the basis of America 250: The Money Agenda, which Patriotic Millionaires proposed at an "expert town hall" titled "How to Beat the Broligarchs."
The agenda would include:
- The Cost of Living Tax Cut Act, providing an exemption on federal taxes equal to the median cost of living for a single adult with no children—$41,600 per year—with the responsibility for those revenues shifted from the working class to the millionaire class with a millionaire surtax;
- The Cost of Living Wage Act, raising the minimum wage to $21 per hour to match the cost of living for a single adult with no kids;
- The Equal Tax Act, equalizing tax rates for capital gains and income over $1 million and closing the "stepped-up basis loophole" which minimizes "the tax obligations of the uberwealthy"; and
- The Anti-Oligarch Act, implementing significant taxes on the intergenerational transfer of wealth, on large sums of trust-held wealth, and on the true economic income of America's ultrarich to prevent further wealth concentration at the top, and taxing the wealth of the ultrarich sufficiently—including through an amendment to the U.S. Constitution.
The latter proposal, said Patriotic Millionaires, "is a long overdue response to Supreme Court Justice Louis Brandeis' warning from a century ago: 'We can have democracy in this country or we can have great wealth concentrated into the hands of a few, but we can't have both.'"
"The extreme concentration of wealth has always, without fail, translated into an extreme concentration of political power. The stakes for the nation couldn't be more clear," said the group. "We must act immediately."
At the How to Beat the Broligarchs event on Monday, the group assembled experts including economist Stephanie Kelton, Helaine Olen of the American Economic Liberties Project, and historian Rutger Bregman to discuss how unchecked wealth in the U.S. has captured the political and judicial systems—with "broligarchs" like tech CEO Elon Musk and others "working to pull the strings of the government towards their interests at the expense of the American people."
"America's slide into oligarchy necessitates bold actions in order to reclaim democratic capitalism and forge a prosperous, equitable, and just future," said Erica Payne, founder and president of Patriotic Millionaires. "America 250: The Money Agenda is the only plan that will get us there. It will change not just our own lives, but the future and direction of our country. Our economy should be judged on how well it takes care of working people, not on how many billionaires it mints in a calendar day. By that measure, America is flunking its economics class. The only way to get better marks—and stop our country's slide into oligarchy—is by fixing our tax code."
Morris Pearl, board chair of the group, said that if Congress enacts the legislative agenda proposed on Monday, "we will build a community dedicated to the common purpose of improving the lives of all working people in our country—not just the ultrawealthy."
"America 250 will bring to account the politicians and their enablers who are sustaining our backwards status quo and demand better leaders to put us on a better, more sustainable path," said Pearl. "The time for economic exploitation is over."
