The Patriotic Millionaires’ definition of “rich” includes people “with incomes of over $1 million or assets of over $5 million, and corporations with more than $1 million in annual profits,” according to a memo sent to the group’s partners.
The group, which was founded in 2010 to protest President George W. Bush’s tax cuts, is looking to ride the momentum from the Democratic “blue wave” in the midterms, which gave the party control of the House. Several Patriotic Millionaires members point to proposals, such as freshman Rep. Alexandria Ocasio-Cortez’s plan to tax earnings above $10 million at 70 percent, as guides for what they want to see implemented.
Voters generally favor increasing taxes on the rich. For instance, a recent Politico/Morning Consult poll showed that 61 percent said they would support Sen. Elizabeth Warren’s “wealth tax.” While running for president, the Massachusetts Democrat has proposed levying a 2 percent tax on households with over $50 million assets and 3 percent on assets over $1 billion.
The group’s advisory board includes several Democratic contributors, including Naomi Aberly, a member of the Planned Parenthood Federation of America board, and Daniel Berger, a lawyer and managing shareholder at Berger Montague. Aberly contributed over $700,000 during the 2018 midterms while Berger spent more than $200,000 on Democratic causes.
For the new campaign, the group has already reached out to Rep. Pramila Jayapal, D-Wash., and Sen. Jeff Merkley, D-Ore., along with seven other lawmakers. Jayapal and Merkley are scheduled to speak at next week’s TAX THE RICH! conference in Washington, which is where the Patriotic Millionaires expect to launch their new lobbying effort.