PRESS RELEASE: Rich Millennials Join Trump Tax March, Demand End to Corrupt Tax System that Favors Rich
Millennials in Top 10 Percent of Economy Join Trump Tax March to Demand End to Corrupt Tax System that Favors the Rich
Resource Generation Members Want Higher Taxes on Trump, Themselves, Their Families, and People with Wealth
New York, NY — Tomorrow, on April 15, young people with wealth who are members of Resource Generation will join tax marches to demand a fair tax system that works for the 99 percent. Resource Generation is a national membership organization of people ages 18 to 35 with wealth or from families with wealth leveraging their class privilege and resources for economic and racial justice.
“As young people with wealth who have benefitted from an unjust and corrupt tax system, we have a responsibility to fight for a fair system that protects our communities, not our wealth,” said Iimay Ho, Executive Director of Resource Generation. “The U.S.’s current tax system — its absurd tax cuts, loopholes, and subsidies to benefit wealthy people and corporations — is designed to keep wealth concentrated in the hands of a few. But all wealth and corporate profits are extracted, usually violently, from natural resources and the labor of the multiracial working class. In fact, we simply can’t talk about wealth in this country without addressing how the U.S. economy is built on slavery, genocide of Native Americans, and environmental destruction. A fair tax system is essential to distributing wealth equitably by investing in communities and our environment. But in the richest country in the world, a fair tax system is, at the very least, a moral obligation.”
By joining the tax marches, members from seven Resource Generation chapters, including D.C., New Orleans, LA; Denver, CO; Portland, OR; Boston, MA; New York City, NY; and the Bay area in California, will amplify the tax marches’ demand that Trump fulfill his obligation as President by releasing his tax returns. Resource Generation members also demanding a fair tax system as represented in Resource Generation’s tax justice platform, 10 Taxes for Racial and Economic Justice, which includes ten proposed tax policies:
Tax wealth like work. Eliminate the Tax Preference for Capital Gains and Dividends.
Close the Carried-Interest Loophole.
Enact a More Progressive Estate Tax.
Create a Financial Transactions or “Robin Hood” Tax.
End Overseas Tax Havens.
Implement a Carbon Tax.
Substantially Raise or Eliminate the Cap on the Social Security Payroll Tax.
Create Additional Tax Brackets.
Create a Net Wealth Tax.
Apply a “Too Big to Fail” Fee on the Largest Financial Institutions.
“In this time when wealthy people are amassing even more power in government, and advocating for less progressive taxation in a system that already heavily favors them, those of us with access to wealth who believe in contributing our fair share need to speak out,” said Daniel Backman, member of Resource Generation. “I reject the greed that has led to massive tax cuts for the rich and starved social services for the poor. I was fortunate to grow up in a town with a strong tax base, good public schools, and many opportunities to get ahead as a result. I believe our tax system should help make those opportunities available to everyone. The policies of Trump and his wealthy friends would take us in the complete opposite direction, concentrating even more resources and power in the hands of the privileged few.”
“I’m marching to say ‘I’m rich — tax me!’ Taxes can be boring and unsexy, but they’re so important, which is why Saturday’s march is so crucial,” said Holly Fetter, member of Resource Generation. “Taxes are one of the best ways for people to invest in government services that support marginalized communities. Wealthy men have hijacked our government. They are focused on enriching the wealthiest Americans while distracting everyone else by blaming their economic woes on ‘the Other’ — people of color, immigrants, ‘terrorists.’ As progressive rich kids, it’s so important that we stay focused on the real villains here: people with way more wealth than they need who are changing laws to help them amass even more wealth than they can possibly spend or use to create jobs. We need to hold our community accountable!”
“Campaigning for tax justice is a no-brainer when you see the math,” said Ross Chapman, member of Resource Generation. “The effective tax rates for the rich and poor in this country don’t track the real wealth disparities across our country’s economic chasm, or even the approximately fairer marginal tax rate. It’s a total wtf; the current tax code is gross theft. Tax deductions on yachts? I can’t. Taxes are what we pay for civilized society — and us rich folk, who I’m led to believe are also participants in civilized society, must not be exempt. As a young person who has inherited wealth and also has a high paying job, who makes some money from investments (umm, lower tax rate on capital gains than wages?), I simply don’t pay my fair share. The IRS is driving my getaway car. And that ain’t right. Y’all will see my well-fed face come Saturday below a sign that says I’M THE 1%, TAX ME MORE.”
“President Trump’s refusal to release his taxes is not only deeply disrespectful to the American people, it’s him behaving like a lot of wealthy people do; they believe they’re outside the law, beyond transparency, and not responsible to their communities. They’re right — the current U.S. tax system is proof of that,” said Iris Brilliant, Resource Generation organizer. “As someone with access to wealth and squarely within the top 5% of the economy, I’m marching on Saturday because I want a world where there’s not a separate rulebook for rich people. I’m part of a growing network of wealthy young people that know our communities, economies, and our environment are all better off if our political and tax system work fairly for everyone. And we’re taking action to make it happen.”
Resource Generation members are also taking action for tax justice by creating giving plans based on RG’s giving guide, Give Big, Give Now, Keep Giving for Social Justice, moving money, (including their tax returns) to social justice organizations led by frontline communities fighting for economic and racial justice, and hosting and participating in tax justice workshops centered on the role of young people with wealth in economic justice movements.
***Resource Generation members and staff are available for interviews. Please contact Maria Myotte at firstname.lastname@example.org to request an interview.
Resource Generation’s Tax Justice platform:
Resource Generation’s history:
Resource Generation, started in 1998, is a national multi-racial, membership-based organization of people 35 and under with access to wealth who are using their money, power, and resources to support social, economic, and racial justice. There are 17 RG chapters across the U.S. You can find out more at https://resourcegeneration.org/about-us
Resource Generation members have appeared in numerous media outlets, including The New York Times, USA Today, The Wall Street Journal, The New Yorker, Politico, and Vox. You can find more coverage at http://resourcegeneration.