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Millionaires that favor raising taxes on the rich launch protests in front of Amazon CEO Jeff Bezos

Millionaires that favor raising taxes on the rich launch protests in front of Amazon CEO Jeff Bezos

May 18, 2021: On Monday, Millionaires who have called on the rich to pay more in taxes are launching New York and Washington Tax Day protests, including Amazon CEO Jeff Bezos’ homes.

It is organized by the Patriotic Millionaires, whose members boast annual incomes of above $1 million or assets worth above $5 million.

The group is planning to launch its Tax Day campaign on Monday and includes mobile billboards that will stop in front of Bezos’ homes in New York and Washington. Leaders of the Patriotic Millionaires told CNBC they are organizing a group of nearly 30 protesters to converge on to Bezos’ New York residence with a billboard that says, “Cut the bull, Tax the rich.”

In front of his home, the move to blast Bezos comes as President Joe Biden and Democratic lawmakers are willing for taxes on corporations and those making over $400,000 to pay for their $2 trillion infrastructure proposal.

Biden has recently said he’d like a corporate tax hike of 25% to 28% while proposing to raise the top income tax rate from 37% to 39.6%. Republicans have said they don’t want to raise any taxes to pay for infrastructure. The two parties are trying to develop a bipartisan bill and have said they are making progress.

But progressives are eager to see billionaires pay more. “Jeff Bezos is the poster child for the total idiocy of the country’s tax code,” Erica Payne, founder and president of the group told CNBC on Friday. She said Bezos’ extreme wealth means he should be paying more in taxes. She noted that the tech tycoon is reportedly building a nearly 417-foot yacht that’s likely to cost over $500 million.

A spokesperson for Amazon did not return a request for comment, but Bezos has said he supports raising corporate taxes.

The New York Post reported in 2019 that Bezos spent $80 million on three apartments in the same New York building to create a mega-home. A year later, the Post reported Bezos buying a $16 million home within the same apartment complex.

The Patriotic Millionaires favor Sen. Elizabeth Warren’s ultra-millionaires tax plan, putting a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.

Morris Pearl, chairman of the group and a former BlackRock executive, told CNBC that the organization would be pushing for a wealth tax, among other tax increase proposals, throughout Tax Day. Others on the Patriotic Millionaires advisory board include Abigail and Tim Disney, two children of the late longtime Disney executive, Roy Disney.

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