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Inequality is a feature, not a bug, of the current U.S. tax code. These millionaires want to change that before it’s too late.
When the Wealthy Sound the Alarm
On Tax Day, millions of Americans stress over deadlines and deductions. But for a rare group of millionaires, April 15 has become something else entirely: a day of moral reckoning.
In an impassioned joint op-ed, Scott Ellis, CEO of MasteryTrack, and Morris Pearl, chair of the Patriotic Millionaires, call for what many would consider unthinkable in today’s political climate: higher taxes on the rich—including themselves.
Their case is not one of guilt—but of civic urgency. As they argue, the concentration of wealth among a small group of billionaires threatens three pillars of American life: the economy, democracy, and the environment. And the current tax system? It’s enabling the decay of all three.
The Numbers Behind the Crisis
The data is jarring. According to the 2025 Forbes Billionaires List:
- The U.S. is home to 902 billionaires worth a combined $6.8 trillion.
- That’s more wealth than the bottom half of the U.S. population combined.
- It also exceeds the GDP of every nation on Earth except the U.S. and China.
In short, America’s wealth is not just concentrated—it’s gravitational. And it’s bending the rest of society around it.
The Tax Code: A Broken Compass
The tax code—long considered a key lever of social equity—has become a blueprint for oligarchy. Once highly progressive, U.S. tax policy has mutated into a labyrinth of loopholes favoring wealth over work.
Key distortions:
- Capital gains are taxed at lower rates than labor income.
- Unrealized gains can be borrowed against, enabling billionaires to live tax-free.
- Wealth-derived income is often structured to avoid classification as income at all.
The result? Billionaires like Elon Musk and Jeff Bezos can pay zero in federal income taxes, legally.
Power Follows Wealth
Ellis and Pearl’s critique goes beyond dollars. It touches on something deeper: the conversion of wealth into political and planetary dominance.
Democracy under duress:
- 100 billionaire families fund 1 in 6 federal election dollars.
- Policy increasingly reflects elite interests, not public need.
Environmental recklessness:
- The ultrawealthy are the top contributors to carbon-intensive lifestyles.
- From private jets to space tourism, their emissions dwarf those of entire communities.
Political capture:
- In 2024, Elon Musk contributed $235 million to Donald Trump’s reelection bid.
- Billionaires accounted for over a third of Trump’s campaign funding.
- Now, the GOP is preparing a $5 trillion tax cut plan, largely benefiting the same donor class.
- What was once lobbying is now direct policy return on investment.
The Civic Case for Higher Taxes
Ellis and Pearl are clear: they don’t oppose wealth. They’re proud of their success. But when wealth turns into unchecked power—when the government becomes a vehicle for personal gain—they believe something has gone dangerously wrong.
“What we do have a problem with,” they write, “is a small handful of people having so much wealth that it inevitably becomes power.”
They argue that a truly free-market democracy must include a tax system that limits the excesses of privilege—not institutionalizes them.
Policy Prescription: Tax Reform That Bites
To restore equity and prevent full-scale oligarchy, the Patriotic Millionaires propose urgent reforms:
- Eliminate preferential tax treatment for capital gains and carried interest.
- Implement a wealth tax on ultra-high net worth individuals.
- Crack down on tax avoidance strategies such as borrowing against assets.
- Increase transparency around campaign contributions and corporate political activity.
More than a policy wishlist, these measures aim to rebalance the system before it breaks.
Conclusion: A Nightmare for the Nation, Not Just the IRS
For Ellis and Pearl, Tax Day isn’t just a paperwork hassle. It’s a moral flashpoint—a reminder that America’s tax policy isn’t just flawed; it’s fragile. And in the hands of billionaires and their political patrons, it’s being wielded like a crowbar against the foundations of democracy.
The message is clear: tax us before it’s too late. Because a future where the wealthy are untouchable is one where the rest of society becomes disposable.
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