Megarich Democratic donor says ‘tax-rich people like me’ or he’s done with the party

Amid ongoing negotiations over how wealth will be taxed to fund the proposed safety net and climate package, known as the Build Back Better Act, a super-rich Democratic donor suggested he was ready to stop to issue checks to the party unless it passes legislation with a price tag of $ 3.5 trillion. tag — no less — and with proposed tax increases on the rich and corporate.

The proposed tax hikes, tech entrepreneur and venture capitalist Nick Hanauer wrote in an essay published Monday at The New Republic, offer common sense benefits.

Instead of allowing the money to be “amassed” by “billionaires” like himself, Hanauer argued that tax increases could “create the foundation for large-scale prosperity,” including by expanding free public education, by “significantly” tackling the climate of emergency leave, family leave and paid medical leave.

Recent evidence for the failure of the so-called fallout economy is clear, Hanauer wrote, citing Republicans’ tax cuts in 2017 as an example, when “corporations chose to enrich their own executives and shareholders.” rather than investing in their employees.

Without naming a particular lawmaker, Hanauer went on to accuse Democrats who push for a lower price for the reconciliation bill or who resist higher taxes on the rich of “sabotaging an economy that will provide widespread prosperity for coming years”.

Referring to a tweet he launched on Friday, Hanauer added that if Democrats don’t move quickly to fully pass both the Senate-approved bipartisan infrastructure bill as well as the Build Back reconciliation package. Better, “they better lose my phone number and stop donating.”

Hanauer’s endorsement of taxing wealth at higher levels is far from being unique, with groups like the Patriotic Millionaires support the approach too.

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