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Tax the Rich!: How Lies, Loopholes, and Lobbyists Make the Rich Even Richer
A powerfully persuasive and thoroughly entertaining guide to the most effective way to un-rig the economy and fix inequality, from America's wealthiest "class traitors"
Most American people believe the economy is rigged against them. And they're right. So how do you "un-rig" the economy? You start with the tax code.
In 2017, Republican lawmakers rewrote the entire federal tax code, deliberately and permanently rigging the economy against working people in favor of the political donor class.
In Tax the Rich! Morris Pearl, the millionaire chair of the Patriotic Millionaires, and Erica Payne, the organization's founder, take readers on an insider's tour of the nation's tax code and show how the rich (and the politicians they control) structured the tax code to make themselves even richer. They explain how to un-rig the economy through the tax code to reverse America's ever-growing and dangerously destabilizing concentration of wealth and power.
Conversational and punchy chapters such as "Their Money vs. Your Sweat," "Economic Jenga," and "When a Dollar Is Not Actually a Dollar," feature charts, infographics, cartoons, and sidebars. They show exactly how we should tax wealthy individuals and corporations, focusing on existing mechanisms like marginal income tax and capital gains, loopholes to eliminate, and new methods of taxation, such as a wealth tax, that could be used to achieve a fairer system.
A final section debunks common tax myths, offering crucial information to push back against Fox News and opponents on the right. In the wake of the economic devastation of COVID-19, never have the arguments in this book been more timely--or more critical. And who better to pull back the curtain on all the ways that the wealthy avoid paying taxes, and deprive the state of essential resources, than the rich themselves?
Most American people believe the economy is rigged against them. And they're right. So how do you "un-rig" the economy? You start with the tax code.
In 2017, Republican lawmakers rewrote the entire federal tax code, deliberately and permanently rigging the economy against working people in favor of the political donor class.
In Tax the Rich! Morris Pearl, the millionaire chair of the Patriotic Millionaires, and Erica Payne, the organization's founder, take readers on an insider's tour of the nation's tax code and show how the rich (and the politicians they control) structured the tax code to make themselves even richer. They explain how to un-rig the economy through the tax code to reverse America's ever-growing and dangerously destabilizing concentration of wealth and power.
Conversational and punchy chapters such as "Their Money vs. Your Sweat," "Economic Jenga," and "When a Dollar Is Not Actually a Dollar," feature charts, infographics, cartoons, and sidebars. They show exactly how we should tax wealthy individuals and corporations, focusing on existing mechanisms like marginal income tax and capital gains, loopholes to eliminate, and new methods of taxation, such as a wealth tax, that could be used to achieve a fairer system.
A final section debunks common tax myths, offering crucial information to push back against Fox News and opponents on the right. In the wake of the economic devastation of COVID-19, never have the arguments in this book been more timely--or more critical. And who better to pull back the curtain on all the ways that the wealthy avoid paying taxes, and deprive the state of essential resources, than the rich themselves?
336 pages, Paperback
First published April 13, 2021
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Displaying 1 - 28 of 28 reviews
January 28, 2024
3 people in the US have more wealth than half of all Americans (over 150 million people)!
-If you had worked every single day from the time Columbus sailed to America to the present and earned $5,000/day, you would still have less money than Jeff Bezos makes in a week.
-If you had made $100,000 every single day since year 1 AD and saved every penny, you would still have less money than Bill Gates has.
-If you had started working when the human race first walked upright, around 200,000 years ago, and saved $100,000 a year, you would still not have as much money as Mark Zuckerberg.
-In 2018, if you ordered a toothpick from Amazon, you paid more for delivery than Amazon paid in federal taxes for the year.
-If you watched a single movie on Netflix, you paid more for your subscription than Netflix paid in federal income taxes.
-If you filled up your car once, you paid more than Chevron paid in federal taxes.
Other companies that paid $0 in federal taxes in 2018: Activision Blizzard, Delta, Dupont, Lilly, FedEx, GM, Halliburton, IBM, John Deere, Levis, MGM Resorts, OXY, Sales Force, Starbucks, Whirlpool.
How do huge profitable companies manage this, you ask? Well, one way is by "selling" their intellectual property (like their logo or food recipe) to a subsidiary of their own company located in a low tax country like Ireland or moving their headquarters out of the US, even while conducting nearly of their business in the US. These rules built into the US tax code allow massively profitable companies to shift all of their profits on paper to another country and pay no taxes in the US.
If any of this concerns you, this book is for you. I devoured it in a day. It's so accessible for people who aren't tax code experts. Patriotic Millionaires Morris Pearl & Erica Payne pull back the curtain on the shenanigans rich people and corporations use to get away with not paying their fair share. A must read for anyone who cares about fairness & justice.
#TaxtheRich
-If you had worked every single day from the time Columbus sailed to America to the present and earned $5,000/day, you would still have less money than Jeff Bezos makes in a week.
-If you had made $100,000 every single day since year 1 AD and saved every penny, you would still have less money than Bill Gates has.
-If you had started working when the human race first walked upright, around 200,000 years ago, and saved $100,000 a year, you would still not have as much money as Mark Zuckerberg.
-In 2018, if you ordered a toothpick from Amazon, you paid more for delivery than Amazon paid in federal taxes for the year.
-If you watched a single movie on Netflix, you paid more for your subscription than Netflix paid in federal income taxes.
-If you filled up your car once, you paid more than Chevron paid in federal taxes.
Other companies that paid $0 in federal taxes in 2018: Activision Blizzard, Delta, Dupont, Lilly, FedEx, GM, Halliburton, IBM, John Deere, Levis, MGM Resorts, OXY, Sales Force, Starbucks, Whirlpool.
How do huge profitable companies manage this, you ask? Well, one way is by "selling" their intellectual property (like their logo or food recipe) to a subsidiary of their own company located in a low tax country like Ireland or moving their headquarters out of the US, even while conducting nearly of their business in the US. These rules built into the US tax code allow massively profitable companies to shift all of their profits on paper to another country and pay no taxes in the US.
If any of this concerns you, this book is for you. I devoured it in a day. It's so accessible for people who aren't tax code experts. Patriotic Millionaires Morris Pearl & Erica Payne pull back the curtain on the shenanigans rich people and corporations use to get away with not paying their fair share. A must read for anyone who cares about fairness & justice.
#TaxtheRich
March 6, 2021
It would only be fair to state that the trio of Bill Gates, Mark Zuckerberg and Jeff Bezos would be consternated with the facts contained within the confines of “Tax The Rich”, and for obvious reasons. A cross between a polemic and a plea, Morris Pearl and Erica Payne’s work is more a manifesto for income and wealth redistribution rather than a book simpliciter. Coupled with the fact that one of the authors of the book, Morris Pearl is a multimillionaire himself, some of the radical proposals promulgated represents a war on the rich, by the rich! The authors begin the book on an ominous note by paraphrasing the words of fellow millionaire Nick Hanauer, “the pitchforks are coming… for us Plutocrats.” And for good measure, Morris and Payne add their own chillingly dystopian footnote to Hanauer’ s bleak prescience, “he got it mostly right. But it won’t be pitchforks. US civilians own more than 393 million guns, 120 guns for every one hundred residents. I want to ask my fellow millionaires, do you really think you can protect yourself from mobs of angry, hungry people?”
Pearl and Payne reserve their choicest scorn for Zuckerberg, Bezos and Gates – the ‘Three Amigos’ as they are referred to in the book. Arguing that the Byzantine labyrinth of rules contained within a convoluted Tax Code that offer more loopholes for the rich than for the common working man, the authors proceed to illustrate with a blend of acerbic wit and stark vitriol, the various schemes prevalent in the American Tax Code and the recently enacted Tax Cuts and Jobs Act, that acts as an “enabler” to devious profit shifting and tax evasion measures. They discuss the advantages enjoyed by wealthy investors enjoying capital gains exemptions and tax free inheritance freebies by providing simple examples involving two pairs of couples. Doug and Carrie Werkhardt (the last name being a clever take on the words “work hard”) are ordinary people making a decent living by slogging their butts out, whereas Ronald and Melanie Slump (no explanations required), sip daiquiri on the beach and just make money by selling stocks and shares. By a convoluted working of the tax laws, the taxes which the Werkhardt’ s pay far exceeds those paid by the Slumps.
The authors provide a lucid explanation of various measures currently prevalent in the Tax Code that enable rampant accumulation of wealth at the highest levels of affluence, such as:
The Carried-interest loophole that allows fund managers to mischaracterize their ordinary income as capital gains tax, by pretending they are partners with their wealthy investors;
“The two and twenty” strategy exploited by private equity and hedge funds. The managers of these funds are paid 2% of the total value of the assets managed annually in addition to 20% of the fund’s profits above a certain threshold. The latter component of the remuneration is treated as capital gains since the funds “partner” with the investors;
A total absence of intergenerational wealth transfer tax that ensures that the first US$11.58 million of an estate is exempt from estate tax. This is a travesty, according to the authors, especially considering the fact that between 35% to 45% of all wealth in America is inherited;
Deferred Capital Gains Taxation benefits that ensure that taxes are paid only when the underlying assets are sold, and not when the value of such assets increase. Hence by choosing not to “sell” the assets forever, one need not pay any tax since there is no “realised gain”;
The “stepped-up basis” rule that insulates inherited wealth from being taxed. Instead of the basis being the value of a stock at the time the original transferor bought it, let’s say $10 million, the basis is adjusted to the value of the stock at the time of the transferor’s death, when it is transferred to the heirs. If the value of the stock at the time of such transfer is $100 million, this becomes the “stepped up” basis, and the heirs would need to pay capital gains tax on any value exceeding the $100 million upon sale of the inherited wealth;
After dwelling a wee bit more on extraordinarily convoluted and complex tax avoidance schemes such as the Double Irish Dutch Sandwich structures embraced by various multinational corporations to avail of the minimum tax rates offered by the Irish Tax regime (at the time of this review the scheme has been terminated), and stock options offered by companies such as Facebook to its employees so that they can treat the difference between the purchase price and the exercise price as expenses in their books, the authors propose some radical measures to tax the rich:
Equalize Capital Gains and Ordinary Income Tax rates for incomes over $1 million;
“End The Bracket Racket”. This proposal envisages increasing the marginal rates of tax on a progressive basis depending upon the income generated by the target taxpayers. The riveting debate between Michael Dell, the founder of Dell Computers and Dutch Historian Rutger Bergman, at the 2019 World Economic Forum in Davos is referenced by the authors here. Bergman took on Dell in arguing that the marginal rates of tax for the uber rich should be increased to 70%;
Quite a bit of attention has been devoted to the Elizabeth Warren and Bernie Sanders‘ Wealth Tax proposals. During the recent presidential campaigns both Warren and Sanders proposed their own models of a progressive wealth tax regime to tax the rich. While Warren’s “Ultra Millionaire Tax” was expected to garner $2.75 trillion over a decade, Sanders’ “tax on Extreme Wealth”, was estimated to add $4.35 trillion over a decade to the Government coffers;
Ban the deferred taxation scheme by switching to a “mark-to-market” system, where affluent investors are taxed every single year on the increased value of the assets they own, thereby foisting on them a periodic/annual tax bill just like any other ordinary taxpayer;
The authors also in a very incendiary heading titled “Vote the bastards out, the authors argue that intransigent and corrupt politicians who refuse to take a more nuanced approach to taxing the rich ought to be booted out by the voters.
Controversial, yet thought provoking. “Tax The Rich” instigates a fertile ground for debates, discussions and deliberations on one of the most topical and pernicious aspects of our time. However, where the book disappoints is, in reducing an otherwise essential and relevant discourse to a personal harangue. Whether it be talking about Steven Schwarzman, Sheryl Sandberg, Eli Broad or Sheldon Adelson, the tone employed is accusatory. This could have been avoided.
“Tax The Rich” – Invigorating food for thought.
Pearl and Payne reserve their choicest scorn for Zuckerberg, Bezos and Gates – the ‘Three Amigos’ as they are referred to in the book. Arguing that the Byzantine labyrinth of rules contained within a convoluted Tax Code that offer more loopholes for the rich than for the common working man, the authors proceed to illustrate with a blend of acerbic wit and stark vitriol, the various schemes prevalent in the American Tax Code and the recently enacted Tax Cuts and Jobs Act, that acts as an “enabler” to devious profit shifting and tax evasion measures. They discuss the advantages enjoyed by wealthy investors enjoying capital gains exemptions and tax free inheritance freebies by providing simple examples involving two pairs of couples. Doug and Carrie Werkhardt (the last name being a clever take on the words “work hard”) are ordinary people making a decent living by slogging their butts out, whereas Ronald and Melanie Slump (no explanations required), sip daiquiri on the beach and just make money by selling stocks and shares. By a convoluted working of the tax laws, the taxes which the Werkhardt’ s pay far exceeds those paid by the Slumps.
The authors provide a lucid explanation of various measures currently prevalent in the Tax Code that enable rampant accumulation of wealth at the highest levels of affluence, such as:
The Carried-interest loophole that allows fund managers to mischaracterize their ordinary income as capital gains tax, by pretending they are partners with their wealthy investors;
“The two and twenty” strategy exploited by private equity and hedge funds. The managers of these funds are paid 2% of the total value of the assets managed annually in addition to 20% of the fund’s profits above a certain threshold. The latter component of the remuneration is treated as capital gains since the funds “partner” with the investors;
A total absence of intergenerational wealth transfer tax that ensures that the first US$11.58 million of an estate is exempt from estate tax. This is a travesty, according to the authors, especially considering the fact that between 35% to 45% of all wealth in America is inherited;
Deferred Capital Gains Taxation benefits that ensure that taxes are paid only when the underlying assets are sold, and not when the value of such assets increase. Hence by choosing not to “sell” the assets forever, one need not pay any tax since there is no “realised gain”;
The “stepped-up basis” rule that insulates inherited wealth from being taxed. Instead of the basis being the value of a stock at the time the original transferor bought it, let’s say $10 million, the basis is adjusted to the value of the stock at the time of the transferor’s death, when it is transferred to the heirs. If the value of the stock at the time of such transfer is $100 million, this becomes the “stepped up” basis, and the heirs would need to pay capital gains tax on any value exceeding the $100 million upon sale of the inherited wealth;
After dwelling a wee bit more on extraordinarily convoluted and complex tax avoidance schemes such as the Double Irish Dutch Sandwich structures embraced by various multinational corporations to avail of the minimum tax rates offered by the Irish Tax regime (at the time of this review the scheme has been terminated), and stock options offered by companies such as Facebook to its employees so that they can treat the difference between the purchase price and the exercise price as expenses in their books, the authors propose some radical measures to tax the rich:
Equalize Capital Gains and Ordinary Income Tax rates for incomes over $1 million;
“End The Bracket Racket”. This proposal envisages increasing the marginal rates of tax on a progressive basis depending upon the income generated by the target taxpayers. The riveting debate between Michael Dell, the founder of Dell Computers and Dutch Historian Rutger Bergman, at the 2019 World Economic Forum in Davos is referenced by the authors here. Bergman took on Dell in arguing that the marginal rates of tax for the uber rich should be increased to 70%;
Quite a bit of attention has been devoted to the Elizabeth Warren and Bernie Sanders‘ Wealth Tax proposals. During the recent presidential campaigns both Warren and Sanders proposed their own models of a progressive wealth tax regime to tax the rich. While Warren’s “Ultra Millionaire Tax” was expected to garner $2.75 trillion over a decade, Sanders’ “tax on Extreme Wealth”, was estimated to add $4.35 trillion over a decade to the Government coffers;
Ban the deferred taxation scheme by switching to a “mark-to-market” system, where affluent investors are taxed every single year on the increased value of the assets they own, thereby foisting on them a periodic/annual tax bill just like any other ordinary taxpayer;
The authors also in a very incendiary heading titled “Vote the bastards out, the authors argue that intransigent and corrupt politicians who refuse to take a more nuanced approach to taxing the rich ought to be booted out by the voters.
Controversial, yet thought provoking. “Tax The Rich” instigates a fertile ground for debates, discussions and deliberations on one of the most topical and pernicious aspects of our time. However, where the book disappoints is, in reducing an otherwise essential and relevant discourse to a personal harangue. Whether it be talking about Steven Schwarzman, Sheryl Sandberg, Eli Broad or Sheldon Adelson, the tone employed is accusatory. This could have been avoided.
“Tax The Rich” – Invigorating food for thought.
May 31, 2021
I guess I never really thought concretely how much money the ultra-rich actually have. This book helps you visualize it and also convinces you that they need to be taxed.
But it’s also full of unintended tips on how to avoid paying taxes so there’s that.
But it’s also full of unintended tips on how to avoid paying taxes so there’s that.
April 8, 2021
As a teacher I never knew much about the economy or taxes, after seeing so much inequality in the classroom I wanted to learn more. This book is a must read for anyone wanting to learn more about the wealth inequality in our country. Not only do I feel like I have a better understanding of my own politics, but I have a deeper appreciation for the work that goes into changing unfair policy.
Throughout the book I felt like I was having a conversation with the authors, learning more and constantly amazed. Detailed and in depth enough for an economist to enjoy, but also straight forward and “user friendly” enough for someone with no background knowledge to engage with.
A must read!
Throughout the book I felt like I was having a conversation with the authors, learning more and constantly amazed. Detailed and in depth enough for an economist to enjoy, but also straight forward and “user friendly” enough for someone with no background knowledge to engage with.
A must read!
February 16, 2022
I appreciate the arguments made in Tax the Rich!, and I found some of those arguments persuasive. I absolutely believe that the tax code needs reform to stop the egregious abuses that have become commonplace among the wealthy. It's hard not to get angry reading about Peter Thiel's IRA or hobbies masquerading as tax breaks. I'm only giving the book three stars because it rambles from one subtopic to another, some of which are solidly based on evidence and some are opinions. The book would have been better as a tightly edited magazine article.
June 27, 2024
Incredible And Inspirational Book
Pearl (the author) is a millionaire. But he wants more of his ilk to be taxed.
He lays out all the social and political reasons for this to be happening, and makes an extremely compelling and inspirational justifications for taxing the rich.
I found it a real breath of fresh air, and a really interesting and hopeful concept.
I was thoroughly invested throughout reading this book, and I found Pearl was very honorific in his views.
Definitely something to pull from when thinking of economic policy.
Highly recommend checking this book out.
4.8/5
Pearl (the author) is a millionaire. But he wants more of his ilk to be taxed.
He lays out all the social and political reasons for this to be happening, and makes an extremely compelling and inspirational justifications for taxing the rich.
I found it a real breath of fresh air, and a really interesting and hopeful concept.
I was thoroughly invested throughout reading this book, and I found Pearl was very honorific in his views.
Definitely something to pull from when thinking of economic policy.
Highly recommend checking this book out.
4.8/5
April 13, 2021
This is an important read if you do not know how are current tax code works and even if you do you should read this also. This book may be another one of those that will you read it will make you mad and it should. The author himself is in the millionaire club but he is also in group of well to do folks who agree that there has to be a change to the current system that has been manipulated by those with money through policy and politics. This is an easy to understand book that plainly shows the middle and lower class are in a disadvantage and end the end it also makes are economy suffer. Now do not get it wrong the author and his fellow participants in the Patriotic Millionaires club are not saying that people should not make money they just think everyone should pay their share and upper crust should pay more. You have heard all the arguments and may even believe some yourself with excuses like trickle down works, if you tax the rich they will not invest in markets or business and many others that are just not true. Did you know that 91% of the fortune 500 companies paid a tax rate of 0% or less. There are so many things I would like to high lite in this review but it would make it extremely to long so give this a read.
August 15, 2021
Although I am actually sympathetic to many of their points, this book is outrageously polemic, full with bigotry and propaganda. The overarching demeanor of self-righteousness and self-conceit will only hamper their fair efforts.
October 1, 2021
A useful tour of the baked-in tax inequality that is choking off the government. It's not encouraging to find that even with the Democrats in power in the House and the Presidency in 2021, and major spending proposals on the table, none of the Bush- or Trump-era tax cuts are part of the national conversation, let alone a wealth tax. But the existence of the Patriotic Millionaires does give some hope. And maybe Elizabeth Warren's 2019 campaign, now all but forgotten, will have to be remembered in later history as the first national campaign pushing for wealth taxes. (The way some remember Jack Baker and Michael McConnell, two men suing the government for a marriage in 1971, when it seemed ludicrous to want that. Their efforts, though, are the documented start to a movement that achieved nation-wide success 40 years later. Which is not a terribly long time, when we propose to improve our nation and our society.) What deserves emphasis here is that Warren, Sanders, and the Patriotic Millionaires only propose taxes on the very wealthiest Americans; such taxes alone would, they argue, supply over 75 percent of current budget deficits:
The key to rallying public opinion to this position seems hammer home the point only the most ridiculously rich people need pay much higher taxes. And these taxes truly won't matter in any substantial way to their way of life, because of the marginal utility of money:
But therein lies the rub. Having just reviewed Daniel Kolak's re-interpretation of Zeno's Paradox, it seems clear that a prior condition for getting people to understand fair taxes on the wealthy will require us all to have a deeper grasp of marginal utility, while partisans of the wealthy will express, loudly, the incommensurate view that wealth taxes will hurt those who haven't seen the drop in utility for their money, because they've never had much more than enough. It's a catch-22 that even Patriotic Millionaires have a good solution for, at least not in this volume.
Senator Elizabeth Warren’s wealth-tax proposal would tax wealth only above $50 million; and Senator Bernie Sanders’s, only above $32 million. Any amount of wealth below that goes completely untaxed. This means both that only the ultrawealthy are affected by the wealth tax, and that a wealth tax can’t tax anyone into poverty.
The key to rallying public opinion to this position seems hammer home the point only the most ridiculously rich people need pay much higher taxes. And these taxes truly won't matter in any substantial way to their way of life, because of the marginal utility of money:
For people making $400,000, $500,000, even $600,000, money is still real; that’s not the case for people who make $10 million or $20 million a year. And it is certainly not the case for people who have one thousand million dollars (a.k.a. $1 billion). Congresswoman Alexandria Ocasio-Cortes set the internet on fire when she called for 70% tax rates on incomes over $10 million (meaning that someone would pay 70% starting with the first dollar of the eleventh million). She was taking into account the marginal utility of money.
But therein lies the rub. Having just reviewed Daniel Kolak's re-interpretation of Zeno's Paradox, it seems clear that a prior condition for getting people to understand fair taxes on the wealthy will require us all to have a deeper grasp of marginal utility, while partisans of the wealthy will express, loudly, the incommensurate view that wealth taxes will hurt those who haven't seen the drop in utility for their money, because they've never had much more than enough. It's a catch-22 that even Patriotic Millionaires have a good solution for, at least not in this volume.
May 6, 2024
This was a fantastic book, and I read it in about a day. Morris Pearl and Erica Payne are part of a group called “The Patriotic Millionaires”. They’re millionaires who advocate for higher taxes on the rich. Not only does this book shut down literally every argument against taxing millionaires (and billionaires), but it explains a ton about all of the tax loopholes the ultra wealthy use to avoid paying their fair share.
This book had a great chapter on the philanthropy the rich do as well. It talks about how often time, the money just sits there, and they get tax write offs while also giving high paying jobs in the organizations to their friends. One thing I wish it discussed was why millionaires like them don’t do more direct charitable giving. As a lower-middle-class person, I ask, “If you’re such a good millionaire, why not give 10 people $100,000 to completely change their lives?”
The other thing I wish they discussed was how we have 0 guarantees that the tax dollars will go toward anything useful. I think this is the #1 argument against taxing the rich. For example, we have the largest military budget on the planet by a large margin. How do we know these higher taxes would go toward free healthcare, or schools, or infrastructure? This seems like a massive talking point that I don’t hear anyone discussing.
One of the best aspects of this book is that it’s not insanely technical at all. When talking about tax stuff, it can be insanely confusing and boring. They break all of the tax stuff down in a very digestible way, and I appreciated that.
Overall, this is a must-read book. I appreciate the work these millionaires are doing and going against many of their fellow wealthy folks. This is a great start, but there are many more discussions to have.
This book had a great chapter on the philanthropy the rich do as well. It talks about how often time, the money just sits there, and they get tax write offs while also giving high paying jobs in the organizations to their friends. One thing I wish it discussed was why millionaires like them don’t do more direct charitable giving. As a lower-middle-class person, I ask, “If you’re such a good millionaire, why not give 10 people $100,000 to completely change their lives?”
The other thing I wish they discussed was how we have 0 guarantees that the tax dollars will go toward anything useful. I think this is the #1 argument against taxing the rich. For example, we have the largest military budget on the planet by a large margin. How do we know these higher taxes would go toward free healthcare, or schools, or infrastructure? This seems like a massive talking point that I don’t hear anyone discussing.
One of the best aspects of this book is that it’s not insanely technical at all. When talking about tax stuff, it can be insanely confusing and boring. They break all of the tax stuff down in a very digestible way, and I appreciated that.
Overall, this is a must-read book. I appreciate the work these millionaires are doing and going against many of their fellow wealthy folks. This is a great start, but there are many more discussions to have.
October 14, 2021
There are patriotic Millionaires. They want to be taxed more.
I guess the one question that I never saw brought up in this book is are you really happy with what the government does with your tax dollars?
Could you not put money into the community instead? Make sure that the people get the help without too many hands in the cookie jar?
Why not push for a flat tax?
As for all the cartoons and drawings, it felt like less is more.
I also found it annoying that this book keeps bringing up all the bad the Republicans did (not that they are saints). And certain people are hammered (oh look anti Trump again) and yet I see no mention of people like Nancy Pelosi or countless other Congress and Senators.
The section called ‘Vote the bastards out’ is correct but to say it’s all Republicans again shows the bias. The ‘they’re all equally bad but one party is worst’…enough of the doublespeak.
Let’s face it politicians be Democrats or Republicans are in it for the money. They are not here to help the little guy.
And really at the end of the day, this book is all talk and no action.
https://theworldisabookandiamitsreade...
I guess the one question that I never saw brought up in this book is are you really happy with what the government does with your tax dollars?
Could you not put money into the community instead? Make sure that the people get the help without too many hands in the cookie jar?
Why not push for a flat tax?
As for all the cartoons and drawings, it felt like less is more.
I also found it annoying that this book keeps bringing up all the bad the Republicans did (not that they are saints). And certain people are hammered (oh look anti Trump again) and yet I see no mention of people like Nancy Pelosi or countless other Congress and Senators.
The section called ‘Vote the bastards out’ is correct but to say it’s all Republicans again shows the bias. The ‘they’re all equally bad but one party is worst’…enough of the doublespeak.
Let’s face it politicians be Democrats or Republicans are in it for the money. They are not here to help the little guy.
And really at the end of the day, this book is all talk and no action.
https://theworldisabookandiamitsreade...
April 28, 2023
3.5!
i feel the need to review since it doesn’t have that many: i came into this wanted a history of the tax code and how taxes work in america leading up to reganomics era, bush, all that, into today with a commentary on todays tax code, a more historical look.
(also if you do have a rec like this go ahead and reccomend/ when is someone gonna write a story like this)
This is not that.
This is a rich person explaining the current tax code all its loopholes and using different real life examples. It did exactly what it promised to do for it. The introduction is still the strongest part very good to see it put into perspective of what life could be like as the wealth gap increases. The book completed what it intended to do but it could’ve been flushed out. The writing style was def not for me but the content was!
Overall, if you like it, you like it and it’s good, universally recommended for the content but the perspective and style isn’t gonna work for everyone, and it didn’t for me which is why it’s not a 4.
Okay, Thank you.
i feel the need to review since it doesn’t have that many: i came into this wanted a history of the tax code and how taxes work in america leading up to reganomics era, bush, all that, into today with a commentary on todays tax code, a more historical look.
(also if you do have a rec like this go ahead and reccomend/ when is someone gonna write a story like this)
This is not that.
This is a rich person explaining the current tax code all its loopholes and using different real life examples. It did exactly what it promised to do for it. The introduction is still the strongest part very good to see it put into perspective of what life could be like as the wealth gap increases. The book completed what it intended to do but it could’ve been flushed out. The writing style was def not for me but the content was!
Overall, if you like it, you like it and it’s good, universally recommended for the content but the perspective and style isn’t gonna work for everyone, and it didn’t for me which is why it’s not a 4.
Okay, Thank you.
July 13, 2023
How the everyday person can change our country
Anyone who feels that our country needs to do more for its citizens needs to read this book.
Rich people and corporations used to pay more taxes. But then they realized that by making contributions to politicians would allow them to keep more of their money.
Now, important programs to help every day citizens survive and thrive don't have the money to do so. But the rich can buy ANOTHER house, boat or painting.
This book walks you through how this happened and how it can be turned around if we, the everyday citizens join together to demand that pur elected officials represent us and not JUST the mega rich.
After you read this check out the organization Patriotic Millionaires to join the effort.
Anyone who feels that our country needs to do more for its citizens needs to read this book.
Rich people and corporations used to pay more taxes. But then they realized that by making contributions to politicians would allow them to keep more of their money.
Now, important programs to help every day citizens survive and thrive don't have the money to do so. But the rich can buy ANOTHER house, boat or painting.
This book walks you through how this happened and how it can be turned around if we, the everyday citizens join together to demand that pur elected officials represent us and not JUST the mega rich.
After you read this check out the organization Patriotic Millionaires to join the effort.
August 25, 2024
Tax the Rich is a good primer on the variances and loopholes in the tax code (e.g. carried interest, stepped-up basis, pass-through deduction) that benefit wealthy individuals. It also critiques the argument that people would stop investing if capital gains tax rates were higher. Multinational companies, many of which pay zero federal taxes, don't escape criticism.
The book is accessible to anybody, and tries to appeal to the middle class with its arguments — if they pay a wealth tax via property tax, why shouldn't the ultrarich on their investment class assets?
I would have appreciated more discussion about whether simplifying the tax code would be helpful. Because the rich have money, they will always be able to find or create loopholes.
The book is accessible to anybody, and tries to appeal to the middle class with its arguments — if they pay a wealth tax via property tax, why shouldn't the ultrarich on their investment class assets?
I would have appreciated more discussion about whether simplifying the tax code would be helpful. Because the rich have money, they will always be able to find or create loopholes.
January 23, 2023
A must-read for truth-and -justice seekers!
This powerful book was written by two millionaires who lead the Patriotic Millionaires group. And they want their income taxes (and especially the income taxes of even-richer U.S. millionaires and billionaires) to be raised sufficiently to narrow the widening wealth gap that is tearing this country apart—leaving more and more in poverty, the nation’s infrastructure collapsing, and the national debt mushrooming—while the tax-dodging ultra-rich steal trillion$ more every year from this supposed “land of equal opportunity“! Read the book, join the cause, and check your representatives’ stances on higher taxes on the ultra-rich!
This powerful book was written by two millionaires who lead the Patriotic Millionaires group. And they want their income taxes (and especially the income taxes of even-richer U.S. millionaires and billionaires) to be raised sufficiently to narrow the widening wealth gap that is tearing this country apart—leaving more and more in poverty, the nation’s infrastructure collapsing, and the national debt mushrooming—while the tax-dodging ultra-rich steal trillion$ more every year from this supposed “land of equal opportunity“! Read the book, join the cause, and check your representatives’ stances on higher taxes on the ultra-rich!
May 14, 2023
An important read about tax policies especially in 2020. It shows how the rich (over $1million per year) avoid taxes and keep wealth in their pockets rather than giving back to the community through government programs that fund education, healthcare, sewage, and more!
It is well researched, well written, and ultimately gives the takeaway of looking at who we elect and whose interests they support.
This is a bipartisan issue- it effects all of us.
“The economy is manmade”- let’s make a better system.
It is well researched, well written, and ultimately gives the takeaway of looking at who we elect and whose interests they support.
This is a bipartisan issue- it effects all of us.
“The economy is manmade”- let’s make a better system.
April 26, 2023
This book is interesting because it shows the ways that the ultra rich avoid taxes. It is very preachy and biased but I still think it's a good read for those who want to learn how the ultra rich skirt taxation.
Want to read
March 25, 2021Note: I accessed a digital review copy of this book through Edelweiss.
June 29, 2021
Approachable book
July 18, 2021
a non-intended, dodge taxing how-to
September 10, 2021
Great read! Given that the topic is taxation and govt policy still written in clear and concise manner. Everyone needs to read this and then grab a pitchfork!
September 25, 2021
Everyone who isn't rich (by the author's definition: makes >$1 million/yr or has >$4 million in assets) should read this short book (and then weep or vote).
October 14, 2021
Tax loopholes.
January 7, 2022
Good to hear and see what billionaires are thinking of how to use their earnings for the common good. Leona Helmsley could have used this!
February 24, 2023
Pay your taxes. The tricks used by the rich to dodge their tax responsibilities to the nation are appalling.
November 6, 2021
A digital ARC of this book was received via NetGalley.com.
About the Book:
Tax the Rich! is a non-fiction social essay written by the rich themselves. The chapters alternate between the two millionaire authors, Morris Pearl and Erica Payne.
The group responsible, the Patriotic Millionaires, calls out America's elite, exclusive aristocracy while at the same time existing as its own exclusive club.
"The Patriotic Millionaires organization defines rich as people with incomes of $1 million and/or assets of $5 million...In order to become a member of the Patriotic Millionaires, you have to have at least that much money" (p. 1).
The group indeed has a cause with which the majority of (poorer) Americans can sympathize: We are rich, so tax us instead of the poor. Yet at the same time, it sets itself apart from the lower classes in its attempt to do right by them. From the qualifications of the group given on page one, the reader may be rubbed the wrong way by the simultaneously morally good and condescending arguments. (Do I really need to read an entire chapter on how rich people define "rich?") It feels like the rich vs. poor equivalent of mansplaining, further emphasized by the overly-casual, I-can-connect-with-you tone the authors use.
That being said, the book does offer several arguments and explanations that will leave the reader feeling excitement for change and righteous anger for the daily injustices wrought by the "political economy" (ch. 2)
The Good:
Tax the Rich! offers compelling evidence, explanations, and arguments for the cause of tax (and in general economic) reform. As a novice to the tax world, I didn't know, for example, the drastic difference between tax rates on earned income and inherited income. The book is a decently effective call to action to the general public—if that is indeed their audience (see below).
The Bad:
Pearl and Payne's varying tones throw the reader back and forth, with Payne's being the far more casual. Overall, the overly-casual tone may take away from the professional credibility of their work. It seems at times that their greatest qualification is being wealthy.
Interspersed throughout the chapters are single-frame comics about the wealthy and our tax code. While this is in theory interesting and offers the reader a change of pace that draws the eye, the comics have punchlines that don't quite hit the mark, working more as a summary of the preceding page than independent comedic commentary.
Who Will Like This Book:
I struggled to imagine the target audience of Tax the Rich! On one hand, it may be the lower and middle class families being harmed by our tax code. In this case, the millionaires themselves may not be the best arbiters of truth here—indeed, I would feel far more comfortable if at least one regular-joe, middle class economist was an equal co-author.
Perhaps, then, the audience is other rich people: This is why you should care about the injustice you perpetrate. A worthy cause, but unlikely to induce many wealthy folks to read a thesis that will only inconvenience them.
All said, the best audience for this book is the budding young political mind looking to understand where precisely the tax code is failing the constituents, and how to defend this position against attacks by fellow politicos.
About the Book:
Tax the Rich! is a non-fiction social essay written by the rich themselves. The chapters alternate between the two millionaire authors, Morris Pearl and Erica Payne.
The group responsible, the Patriotic Millionaires, calls out America's elite, exclusive aristocracy while at the same time existing as its own exclusive club.
"The Patriotic Millionaires organization defines rich as people with incomes of $1 million and/or assets of $5 million...In order to become a member of the Patriotic Millionaires, you have to have at least that much money" (p. 1).
The group indeed has a cause with which the majority of (poorer) Americans can sympathize: We are rich, so tax us instead of the poor. Yet at the same time, it sets itself apart from the lower classes in its attempt to do right by them. From the qualifications of the group given on page one, the reader may be rubbed the wrong way by the simultaneously morally good and condescending arguments. (Do I really need to read an entire chapter on how rich people define "rich?") It feels like the rich vs. poor equivalent of mansplaining, further emphasized by the overly-casual, I-can-connect-with-you tone the authors use.
That being said, the book does offer several arguments and explanations that will leave the reader feeling excitement for change and righteous anger for the daily injustices wrought by the "political economy" (ch. 2)
The Good:
Tax the Rich! offers compelling evidence, explanations, and arguments for the cause of tax (and in general economic) reform. As a novice to the tax world, I didn't know, for example, the drastic difference between tax rates on earned income and inherited income. The book is a decently effective call to action to the general public—if that is indeed their audience (see below).
The Bad:
Pearl and Payne's varying tones throw the reader back and forth, with Payne's being the far more casual. Overall, the overly-casual tone may take away from the professional credibility of their work. It seems at times that their greatest qualification is being wealthy.
Interspersed throughout the chapters are single-frame comics about the wealthy and our tax code. While this is in theory interesting and offers the reader a change of pace that draws the eye, the comics have punchlines that don't quite hit the mark, working more as a summary of the preceding page than independent comedic commentary.
Who Will Like This Book:
I struggled to imagine the target audience of Tax the Rich! On one hand, it may be the lower and middle class families being harmed by our tax code. In this case, the millionaires themselves may not be the best arbiters of truth here—indeed, I would feel far more comfortable if at least one regular-joe, middle class economist was an equal co-author.
Perhaps, then, the audience is other rich people: This is why you should care about the injustice you perpetrate. A worthy cause, but unlikely to induce many wealthy folks to read a thesis that will only inconvenience them.
All said, the best audience for this book is the budding young political mind looking to understand where precisely the tax code is failing the constituents, and how to defend this position against attacks by fellow politicos.
July 5, 2021
Even if you think the basic premise is common sense, this book provides an inside look into how the rich really live.
January 14, 2021
A completely different theme than we usually see about tax subjects. This was immensely readable about how the rich get richer due to the way our tax structure is done, to their benefit. We need changes, and this book let's us know where some of the problems lie.
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