Patriotic Millionaires ‘Move Needle’ on Taxing Rich

Morris Pearl is somewhat encouraged by all the talk about wealth taxes these days. The Patriotic Millionaires, which he chairs as a volunteer job, has “made a lot of progress in moving the needle” toward its argument for taxing the rich more and paying people more equitably. Pearl, who made his wealth initially at BlackRock Inc., talks with Bloomberg Tax’s Amanda Iacone about the wealth tax proposals, legislation to tax investment income at the same rate as earned income, the “ridiculous” carried interest tax benefit for fund managers, and more.