Patriotic Millionaires: Another nail in the coffin of democratic capitalism

After returning to the House of Representatives following its passage in the Senate on Tuesday, House Republicans voted today to pass their party’s massive tax and spending bill—the One Big Beautiful Bill Act—by a vote of 218-214. The legislation now moves to President Trump for his official signature ahead of the July 4th holiday.

In response, Erica Payne, Founder and President of Patriotic Millionaires, said:

“As Patriotic Millionaires predicted back in January, this bill was always going to pass. Since then, we have seen cynical acts of performative politics, only for elected officials to sell out working people and hand over tax cuts to their wealthy donors and benefactors. This is another nail in the coffin for democratic capitalism. Lawmakers have no issue taxing working people into poverty as the cost of living continues to skyrocket if it means ensuring the investor class does not pay their share of taxes. This legislation just handed oligarchs the keys they needed to drive policy decisions and to subvert American democracy for their own financial gain, and we will all be worse off for it.”

Morris Pearl, Chair of Patriotic Millionaires and a former Managing Director at BlackRock, said:

“Republicans placed their bets on corporations and the ultra-wealthy over working people, most of whom will suffer from the outrageously uneven playing field they have created. Throughout all of these changes to the tax code and beyond, wealthy people will be fine in the short term, but the damage done to working people, and eventually to our whole society, will be irreparable.
By passing this bill, Republicans caused and created real harm that cannot be understated. They put us further down a path towards oligarchy that will now be much harder to get off. Republicans must come to terms and realize that in their pursuit to give the ultra-wealthy tax cuts, they also co-signed onto the beginning of the end of American democracy. We cannot and will not let them absolve themselves of the economic ruin they will bring to working people across the country.”