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Millionaires Who Want Taxes Raised on Rich Protest in Front of Bezos Home, DC Locations on Tax Day

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The Group ‘Patriotic Millionaires’ are protesting on the May 17th tax deadline, asking the rich to pay more taxes. In particular, the group will be stopping in front of Amazon CEO Jeff Bezos’ homes to demand he “Cut the bull****. Tax the rich.”

Leaders of the Patriotic Millionaires club, whose members state annual incomes of over $1 million or assets worth over $5 million, told CNBC they are organizing a group of 30 protesters. “The group plans to launch its Tax Day campaign on Monday and includes mobile billboards that will make stops in front of Bezos’ homes in New York and Washington” reports CNBC.

The mobile billboards will also be staked by the group in front of Senate Minority Leader Mitch McConnell’s Washington home and offices of Senate Majority Leader Chuck Schumer in NYC, as well as other DC locations “including the Chamber of Commerce, Business Roundtable, Heritage Foundation, Democratic National Committee, Americans for Tax Reform, the IRS and former President Donald Trump’s Old Post Office hotel.”

Progressives want “the rich” to continue to pay higher and higher taxes, in addition to Biden and Democratic lawmakers moving to raise taxes on corporations and individuals making over $400,000 annually to help pay for his controversial $2 trillion infrastructure plan.

Erica Payne, founder and president of Patriotic Millionaires told CNBC Friday “Jeff Bezos is the poster child for the total idiocy of the country’s tax code.” She says Bezos’ extreme wealth means he should be paying more in taxes and brought up Bezos is reportedly building a roughly 417-foot yacht that will cost upwards of $500 million.

CNBC reports the Patriotic Millionaires support Senator Elizabeth Warren’s ultra-millionaires tax plan, which would put a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.

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1 Comment

1 Comment

  1. Clyde Alexander

    May 19, 2021 at 12:50 pm

    I agree if Joe Biden, Nancy Pelosy, Aoc, and all these congressmen/women, senators want to raise taxes on the rich time for them to start paying up themselves
    ,

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Economy

Atlanta Fed’s GDP Tracker Shows United States May Be In A Recession

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The United States has likely entered a recession, according to the Federal Reserve’s key gauge for measuring economic activity.

The Atlanta Fed’s GDPNow measure, which tracks economic data in real time and continuously adjusts projections, says that the United States economy will shrink by 2.1% in the second quarter. A 2.1% contraction in the second quarter paired with the first quarter’s decline of 1.6% would meet the definition of a recession.

“GDPNow has a strong track record, and the closer we get to July 28th’s release [of the initial Q2 GDP estimate] the more accurate it becomes,” wrote Nicholas Colas, co-founder of DataTrek Research.

The tracker fell dramatically last week from an estimate of 0.3% after data “showing further weakness in consumer spending and inflation-adjusted domestic investment prompted the cut that put the April-through-June period into negative territory,” CNBC reported.

“One big change in the quarter has been rising interest rates,” CNBC added. “In an effort to curb surging inflation, the Fed has jacked up its benchmark borrowing rate by 1.5 percentage points since March, with more increases likely to come through the remainder of the year and perhaps into 2023.”

Last week, Federal Reserve Chairman Jerome Powell warned that the decision to fight inflation by increasing interest rates was “highly likely” to cause pain to Americans.

During the European Central Bank forum, host Francine Laqua asked Powell, “If you’re speaking out to the American people to try and help them understand how long it will take for, you know, monetary policy to go back to something that resembles normalcy … what would you tell them?”

“I would say that we fully understand and appreciate … the pain people are going through dealing with higher inflation, that we have the tools to address that and the resolve to use them, and that we are committed to and will succeed in getting inflation down to two percent,” Powell responded.

“The process is likely, highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” he added.

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Economy

Biden’s Fed Chairman: Solving Inflation ‘Highly Likely To Involve Some Pain’ For Americans

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On Wednesday, Federal Reserve Chairman Jerome Powell said that solving the inflation crisis is “highly likely” to cause pain to Americans but that it would be less painful than not addressing inflation.

During the European Central Bank forum, host Francine Laqua asked Powell, “If you’re speaking out to the American people to try and help them understand how long it will take for, you know, monetary policy to go back to something that resembles normalcy … what would you tell them?

“I would say that we fully understand and appreciate … the pain people are going through dealing with higher inflation, that we have the tools to address that and the resolve to use them, and that we are committed to and will succeed in getting inflation down to two percent,” he responded.

“The process is likely, highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” Powell added.

Powell’s comments come as inflation has reached the highest rate in more than 40 years with prices rising 8.6% from May 2021 to May 2022, according to a new report from the Bureau of Labor Statistics.

In order to bring down inflation, the Federal Reserve increased the interest rate by 0.75% earlier this month – the highest increase since 1994 – and warned of additional increases in the interest rate in the future.

“The three-quarter-point hike brings the federal funds rate to between 1.5% and 1.75%. The federal funds rate dictates what it costs for banks to borrow money from each other. And, generally, higher interest rates mean it’s more expensive for consumers to get a mortgage, obtain a loan to buy a vehicle and to carry a balance on a credit card,” NBC News reported. “The expected effect of these changes is that consumers will spend less and the heightened demand for goods — one of the drivers of inflation — will slow down.”

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