They might sound crazy rich to ordinary Americans—and plain old crazy to 0.1 percenters: they’re millionaires who actually want to pay more in taxes.
They call themselves the Patriotic Millionaires, and they say with straight faces it’s time the ultra-affluent kick in more to Uncle Sam.
If they’re traitors to their class, they’re certainly proud ones. In this era of gaping inequality, the group of 200 or so millionaires is pressing for a more progressive tax system.
“I’d still have two airplanes,” says one of them, Stephen Prince of Tennessee.
Prominent members include Disney heiress Abigail Disney, Men’s Wearhouse founder George Zimmer, real estate developer Jeffrey Gural, and Chuck Collins, heir to the Oscar Mayer fortune. It takes an annual income of $1 million or at least $5 million in assets to join and, as one might expect, most members are old, white, liberal men.
Many ordinary people agree with them, according to public opinion polls, as do the Democratic candidates for president.
Some Patriotic Millionaires say they signed up because they feel a little guilty about being so rich when they were “born on third base.” Others say they’re looking for a sense of community. Do-good vibe aside, some concede they will still gladly take advantage of tax loopholes.
Bloomberg sat down with some members of the group, which started a decade ago, to find out why they’ve chosen this course. Comments have been edited and condensed.
Scott Nash
Age: 54
Home: Washington, DC
In 1987, after dropping out of college and bouncing from job to job, Nash co-founded grocery chain MOM’s Organic Market, which now has 19 stores and $230 million in revenue. Nash, who owns 100% of the company, is a millionaire “several times over” and lives in the leafy suburban outskirts of the nation’s capital. He joined Patriotic Millionaires about five years ago.
Why did you join?
If you want a good democracy, where people are protected and certain services are provided like education and military, then you’ve got to pay your flipping taxes. It’s unpatriotic to live here and thrive here and then not pay the bills.
Do you support the wealth tax?
It would probably be difficult to enact and enforce. I’m generally for raising taxes on the wealthy, but whether or not that specific tax is a good way to do that, I’m not sure.
What do you think of the wealth bashing that’s now so common?
Wealthy people aren’t bad. You’re allowed to be wealthy. It’s something to strive for. Anyone is going to wish for a life of ease. That’s human nature. That’s the way capitalism was set up and democracy supports it. There is this backlash against the wealthy from the left, which I think is fairly ridiculous.
Do you have a favorite presidential candidate?
I’m going to vote for whoever the Democrat is. Anyone we have is going to be a billion times better than what we have now.