Meet The Patriotic Millionaires: The Rich People Who Want To Be Taxed More
The movement to tax the rich has gotten a surprising new ally: the rich. Well, not all rich people, but a growing number of multimillionaires and billionaires are arguing that taxing them is actually good for society.
Who would have thought?
The group is called the Patriotic Millionaires and was founded in 2010 initially to advocate for the reversal of the Bush Era tax cuts in the United states, but the group has expanded to other countries such as the UK.
Turns out, to these rich people, being patriotic is about investing in their country; not buying flags and complaining about people protesting cuts to services that affect their quality of life.
In the United States, the Patriotic Millionaires have rubbed shoulders with some prominent people such as Barack Obama and have advocated for implementation of the ‘Buffet rule’ which, if enacted, would require high-net worth individuals to pay the same tax rate as working and middle class people.
“I know hedge fund managers all over the world who are buying airstrips and farms in places like New Zealand because they think they need a getaway”
Most of these proposals sound like common sense, but America is kind of a racket, so these types of policy positions are looked at as radical.
The main difference between a member of the Patriotic Millionaires and the average rich person is that the Patriotic Millionaires seem to understand that they don’t live in a vacuum. A lot of the world’s problems are built upon a foundation of neglect and poverty, so addressing these foundational issues kind of seems like a win/win for everyone. Would it eat into corporate profits? Yes, but that’s okay.
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The intent behind these initiatives may not be entirely altruistic. The wealthy are getting nervous about potential uprisings. 2020 reminded the affluent among us that the strength of the system is the only thing stopping the metaphorical guillotine from dropping.
Wealthy people unaffiliated with the group are building bunkers and buying up large plots of land so they can get away from any potential unrest that may target them. “I know hedge fund managers all over the world who are buying airstrips and farms in places like New Zealand because they think they need a getaway,” said hedge fund manager, Robert Johnson in a interview with the Guardian.
The wealthy, whether they admit it or not, understand that the system in its current state is extremely unfair. They also understand that alternatives to our current system are gaining steam with millennials and Gen Z. As inequality grows and technologies like ChatGPT and autonomous vehicles threaten both white and blue collar work, taxing the wealthy more may be the only thing that saves the haves from far more severe consequences at the hands of the have-nots.
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