Tax the Rich!: How Lies, Loopholes, and Lobbyists Make the Rich Even Richer
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- Create Date：2021-04-28 20:31:28
- Update Date：2025-09-06
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- Author：Morris Pearl
- ISBN：1620976269
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Summary
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？
Reviews
Shannon Monnat
，
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 & 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 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 & 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 countries 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 。。。more
Thomas Kelley
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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 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。 。。。more
Jennifer
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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 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！ 。。。more
Andréa
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Note: I accessed a digital review copy of this book through Edelweiss。
Venky
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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 pr 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。 。。。more
Kit
，
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 asset 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。 。。。more
Sue Fernandez
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