IHIP News: "I'M RICH, TAX ME!" Millionaires CALL FOR Taxing the Rich as NY Gov Face HEAVY PRESSURE!

All right, I am joined today by Morris. Pearl and he chairs the board of. directors at Patriotic Millionaires. He. is formerly a managing director at. BlackRock and is a co-author of Tax the. Rich, How Lies, Loopholes, and Lobbyists. Make the Rich Even Richer and Pay the. People, Why Fair Pay is Good for. Business and Great for America. He is. also joining Dream for New York City's. push to tax the rich. Let's take a quick.

look at Morris. Play the clip. Hi, I'm Morris Pearl. I'm a millionaire. and I'm here to tell Governor Kathy. Hochul that raising my taxes is a great. idea. There are a lot of reasons to tax the. rich made by a lot of good and smart. people. Governor Hochul has just one. reason for not taxing the rich. She. thinks we'll leave town. That's not true. I should know. I'm one. of the rich people. We're not leaving.

Rich people love New York. I love that. Morris, welcome. >> Great to be on your show, Jennifer. >> Yes, thank you. Okay, so let's talk. about our shirts that we're wearing. I'm rich. Tax me. Tell us about our shirts. Yeah, the the Dream for New York people. made the shirts, sent it. Um you know, they asked me to wear it on the clip. that you you just showed and I did and. um. they told me you'd be wearing yours. today, so I wore mine, too. Yeah, and so. let's talk about this notion that this.

lie that Republicans propagandize. constantly, that wealth trickles down. and um that Republicans are so good with. the economy. And I don't know about you, but it seems like every time in my. lifetime that we have a Republican. president, we always end up in wars and. then the economy is always in shambles. Well, the thing is. it's good for some people. You know, President Trump said that oh,

we're making a lot of money when gas. prices go up. It's true that a few people are making. lots of money when gas prices go up if. you own a gas company. But for most people, just not the people. that he talks to at Mar-a-Lago, paying more for gas is not a great idea. Um and that's. We need people that make money. Most. businesses in this country are based on.

people spending money. And if everyone's poor and a few people. have all the money, that's not good for. most of us. That's the message that I've been trying. to say. You know, we. rich people, the whole point of being. rich is you can live wherever you want. All right. You know, I've never met. actual rich people who say, "Oh, if you. raise my taxes, I'm going to move out.". I've met a lot of middle-class lawyers.

who work for the state legislators and. work for the governor and say, "Oh, I'm. afraid the rich people are going to move. out." You know, my brother-in-law told. me his neighbor's cousin who's very rich. is going to move out, you know. Yeah. >> But I've never actually met the rich. people who are planning to move out. You. know, I've met a lot of people, you. know, like you who've moved to New York. >> Yeah. Because when you can afford it, New York is where everybody wants to. live. >> It's so fabulous. You get so much uh.

content for your life here, but I want. to talk to you a little bit about these. I call them the billionaire bed-wetters. And they're constantly online wetting. the bed. I'm talking about like Bill. Ackman, Elon Musk. It's just It is just. We have a saying in the South where we. call uh people that complain all the. time adults titty babies. And it is just. titty baby city. They are constant. victims. And my thing, Morris, is if you have you money,

and you can't say you, then what's. the point of having you money? Yeah, exactly. You know, my. father-in-law used to say the whole. point of having a lot of money. is to not have to think about money. And I don't. You know, if I want to eat in a. restaurant, I go to the restaurant and. order dinner. If I want to go on a trip. to Los Angeles, I go on a trip to Los. Angeles. You know, I don't have to worry about. money. That's the whole point. Like.

Yeah. >> do worry about your fellow New Yorkers. And you do worry about income disparity. and inequality, which I think is such an. important um. component of somebody's character. You know, looking around this city, as. you said you just took the train here. I. take the train every day. And looking at. all of the people that make this city so. beautiful, and knowing how rigged. the system is for Morris. And then these.

people on the train, they don't have tax. loopholes and all of the things that. have helped leapfrog you to a place. where you are. Can you speak to that? Why it's important to you to advocate. for everybody and not just yourself and. your Well, first of all, you know, as as. you said, I you know, I came here on the. number four train. I need the people who drive the train to. be able to live in the city. I you know, left my apartment this. morning, you know, when I walk out,

there's doormen who open the door. There's elevator operators who drive the. elevators. I need all those people to be. able to afford to live in the city. I. have a granddaughter who goes to public. school 163. You know, I want to make sure the city. has enough money to pay all the. who work in her school. I want all those things to happen so. that I and my children and my. granddaughter can have a good life here. in New York City. So, and I don't I mean I can't live in a.

city with only a few rich people and. lots of poor people. That doesn't work, you know, they they tried that in South. Africa when I was a teenager. It did not. end well for the rich people. I was in Athens, Greece in 2013 when. they were. riots in the streets, actually. There. really were riots in the streets. And I don't want New York to end up like. that. So, even if I'm not altruistic, even if. I'm not a philanthropist, I still want. to live in a city. where all the people that make New York.

New York can afford to live. So, I want. the city to have pre-K for 3-year-olds. I want the city to have enough transit. that everyone can get to work on time. I. want the city to have school teachers. and all the people that work in the. hospitals and the libraries and the. universities and all these things that. make New York New York. What do you think about all these uh. threats of people that they're going to. move they're going to move to Florida. and they're going to pack up their toys.

and leave. What do you think about that. kind of bed-wetting from from people who. have so much who don't even have to fly, you know, commercial, who don't even. have to go through the insufferable. experience of the TSA lines? And the. entitlement that so many American. wealthy people have that the bare. minimum that we all have, death and. taxes, that they are trying to evade one. of those. Yeah, it's just sad. I mean, yes, a lot. of people when they get very old, they. don't want to be in the snow and walk up. the stairs anymore.

You know, uh Debbie Wasserman Schultz. said everyone either is my constituent. now or you will be someday. Okay, fine. My grandparents moved to Florida when. they were very old. It was, you know, great for them. They loved living there. But I am not planning to move anywhere. You know, and yeah, there's a whole. different life that so many people have. I remember once, you know, we were going. on vacation, and we were flying. first class on United to Berlin with a.

large group of my family and I, my son's. then girlfriend, you know, when we were. delayed a bit and we were going to a. fancy dining room. in the um you know, whatever they call. the Polaris something or other. She said, "Oh, so this is how the rich. people live.". And I just thought to myself, "No, the. actual really rich people are not. wandering through Newark Airport. They're at Teterboro getting onto their. private jets.". And it's just like so many people don't. even realize what a difference there is.

between like the rich and the really. rich. And I think that people are starting to. realize that now. And so many people are. getting fed up, and they're they're just. saying we're not going to put up with. this anymore. And that's leading to. people sort of giving up on democracy, and they might decide to vote for. autocracy instead of democracy and they. go, "Well, democracy hasn't worked, so. we'll try something else.". Or.

you know, maybe we'll maybe we'll have. civil unrest or riots in the streets and. here too. And I don't really want either. one of those things. So I'm trying to do. something about it. So um New York City. currently is facing a 5.4 billion budget. shortfall. And uh the mayor, uh. Mom Donny, is trying to reconcile this, and we're all pressuring uh Governor. Hochul to make up for the shortcoming. not on working class New Yorkers, but on.

the rich. What happens to you, Morris, if Kathy Hochul says, "Okay, Morris, I'm. going to tax you some more." How does. this affect your life? What happens to. Morris? Well, in any realistic scenario, maybe my granddaughter would have a. slightly smaller inheritance many. decades from now. You know, I'm not going to live any. differently. I'm not going to cut back on. restaurants. I'm not going to do. anything different. You know, maybe the balance in some. brokerage account someplace will be a.

little bit lower if I have to pay more. in taxes. Um but no, it's not going to change my. life. It's not going to change the life. of anybody I know. The whole point of. being rich, as I said, is not have to. worry about money. If I have to pay a. few thousand dollars in additional real. estate taxes, it's not going to I don't even know how. much real estate taxes I pay now, honestly. And no, it's not going to change my life. at all. And how important do you think. this is. that the governor, um work and.

compromise with this new mayor, who. really I mean, he beat the. establishment, he beat the billionaire class, he. started at 1%, and he is laser-focused. on, you know, affordability for people. Um how important is it that Kathy Hochul. compromise with him to deliver to help. the city? Well, it's important to me. Um you know, whether it's important to. Kathy Hochul or not, I'm not sure, but.

we're working on making it more. important to her. Um but I want her to. I want her to. help. make New York the place where all the. people that make New York can afford to. live. So, that's why I want the mayor's. plans like pre-K for 3-year-olds. That's. why I want more affordable housing in. New York. That's why I want, you know, more buses for people to get to work. And, you know, I talked to the mayor.

just yesterday, and I told him that. I. told him how we're working on it and. we're trying to. convince the governor that she doesn't. have to only pay attention to the couple. of dozen people that show up at her. high-dollar campaign fund campaign, you. know, donation events. But that we we the most of us want a lot. of people in New York who can afford to. live here. We're not losing the. millionaires. Millionaires are moving. into the city. You know, like you are.

We're losing the middle-class people who. want to have kids. And then they suddenly realize they. can't afford to pay for a bigger. apartment and can't afford to pay for. child care and. they they decide to move to New Jersey. or Connecticut where taxes are pretty. similar, but child care expenses and. rent are way less. Those are the people. we're losing. Those are the people I'd. like Governor Hochul to worry about. losing. And I just I think there's something. really interesting happening with New.

York City right now and the state of New. York. And it is representative what's. happening in the Democratic Party right. now. You have a lot of Democrats who. since Citizens United are corporatists. And they have been bought and broken a. little bit by a lot of these corporate. donations. And then you have this new um. let's get back to FDR style governing. Let's get a generational party that. lifts up unions, that lifts up the. worker. And taxes the rich. And I feel.

like if Kathy Hochul and Zohran Mamdani. can work together here to pave the way, cuz I'm from Oklahoma City originally. And usually stuff that happens, it. happens on the coast first and then it. trickles inward to the rest of the. country. And so I'm hopeful that that. uh the mayor and the governor. can compromise and work together here to. set an example for the Democratic Party. at large, but for the nation at large.

and how to govern. The reason we're in this situation with. Donald Trump, the reason we're in this. situation where Eric Adams left this. huge deficit. is because both parties have tended to. corporations more than people. What's your take on that? >> It's that so many of our political. leaders are afraid. They're just afraid, Jennifer, because. they. talk to people at these high-dollar. political function fundraisers.

You know, I was at a party with a senator from a. different part of the country. He said to me, "Oh, you know, speaking publicly, it's a good. thing I'm not a self-funder like this. other guy because only events like this. where I meet regular people." I just. thought, "Are you insane? You think regular people are paying a. thousand dollars each to stand in line. and talk to you for 30 seconds each?". Like, I didn't say that, but that's what.

I thought. It was just absurd. Yeah. >> But those are the people they talk to, the people who like. are business executives and relatively. wealthy people and. and those are the only people they talk. to so enough of the time to get to know. their ideas. I mean, it I mean, it's. true with me, too. You know, members of Congress call me on the phone. all the time. And oh, we want your wisdom and judgment. and whatnot. And believe me, I don't.

have any more wisdom and judgment than. the next person. But I do have more money than. the typical next person. But a lot of people, after they're. hearing how appreciated they are for. their wonderful judgment that they and. counsel they give to these political. leaders, they start to believe it. They start to believe they're actually. smarter than other people. And then the political leaders, their constituents are basically doing. okay. You know, yes, maybe they have some.

complaints about, you know, their. pilots that work for their airline get. more rest than they think they need or. something like that. But most of the. people who are rich are doing basically. fine, and they're afraid of breaking. something. They're afraid if they make some big. change that something might go wrong, something bad might happen. So, they. they're kind of afraid to make any big, bold changes. And right now we need.

something big and something bold. And we can't just continue the same. course because it's getting worse. And. it incubates fascism. It incubates an. electorate that is so desperate to not. be passed over. But I would argue, Morris, that the big change that. happened was Citizens United. That was. the biggest change that happened, and we. need to correct course. from that. And that's why I think your. group, Patriotic Millionaires, because.

there is a tendency sometimes with far. left to the far left political spectrum. to just hate rich people. And there's a. lot of villains to hate. Like I really. hate Elon Musk. He's I I enjoy hating. him. It's something It's something of a. blood sport for me, right? >> That's fine. You're allowed to do that. Right. But in general, there's a system. here of of capitalism, of people of the. American dream where you can come and. start a business. I started this podcast. with my friend Angie 3 and 1/2 years.

ago, and it's been so successful that. now I have a studio in New York. You. know, that's a cool That's really cool, and I was a a very successful interior. designer before that. I'm, you know, all. about women having their own money. And. so there's a system where you want to. preserve the American dream. and make it possible for people to start. a business or be successful. But there's. also. hundreds of millions of Americans that. just want an everyday job where they. have enough money to go on vacation,

they don't have to file for medical. bankruptcy if they get a root canal, you. know, that's not going to put them. behind on rent for two or three months. And this is the reality for the. overwhelming majority of people. And. every realistic economist goes back to. The problem here is we are not taxing. the rich. The rich are not paying their. fair share in taxes. So you are a part. of this group called Patriotic. Millionaires. Which I think is a really.

important message. The first time I. heard it, I thought, "God, they're. making it about them. They're. millionaires.". But then I really started thinking about. it. And it's we have to build, you know, coalitions here. We have to build really. big coalitions to save our country. And. so please tell me about Patriotic. Millionaires, what you all are doing, and what your fundamental messaging is. Look, we're a group of rich people. I'm in favor of people being rich. I. recommend everyone try it. It's much.

better than the alternative. Okay? And you know, yeah, you have a very. successful podcast. And it's great that, you know, you're. here in New York. I love New York. Everyone loves New York. And just like, you know, you make money. and support your children and they go. off to college, all the people that work. here do, too. You know, all of your employees also may. want to have kids and send them off to. college successfully. All the people. that work in my building, I, you know, a.

dozen people are members of 32BJ, the. doormen and elevator operators and. porters and stuff that work in the. building where I live. They want to have. kids and support their families and send. people to college, too. They all want. that. It's not that I'm like super. altruistic. It's I want to live in a place. that works for everybody because I need. all those people. I don't want to have, you know, people marching the streets. and rioting or something. So, the. Patriotic Millionaires are saying,

"We're seeing our country moving in this. direction towards. I don't either autocracy or. Or fascism. >> total fascism or something that's not. good. It's not good for us. And we're. trying to do something about it. We're. advocating for a more fair tax system. Part of the problem is that. the very, very rich people pay almost no. taxes at all. And it's not because we. have an army of accountants or loopholes.

or something. It's very, very simple. The main tax we have is an income tax. If you don't have any income, you don't. have to pay an income tax. If you're really rich, you don't need. any income. So, that's the secret. If you don't want. to pay income taxes, just don't have any. income. It's that simple. And it helps to be rich not need any. income. So, it's not that you know, it's not. that there's some secret loopholes or.

something or I'm I'm not hiding money. anywhere. I'm I don't even hire people. to help. But it's, you know, that simple. So, the. Patriotic Millionaires are working on. advocating for more fair tax system. And. ideas that we've had were kind of on the. fringe a few years ago. are now mainstream. We are the. mainstream. The people who are against. taxing the rich, they are the fringe. now. >> Agree. We have moved the Overton window, you.

know, quite a long ways from where we. were, you know, a dozen years ago when, you know, uh Barack Obama gave his. Buffett Rule speech and we were, you. know, standing with him in the podium in. the White House. So, we are making progress. We're not. all the way there yet, but we're making progress. And we also. work on advocating for higher minimum. wage. because we'd like all the people that. work to be able to afford to support. their families. >> And we're advocating for political.

campaign finance reform. So, those are. the things that we work on. Mainly, making our tax system more progressive. is the sort of main focus of those. three. >> What's your closing message to Governor. Hochul? Look, I'd say to Governor. Hochul, you want New York State and New York. City to be able to thrive and continue. being what they are. And to do that, you need to have enough. revenue to be able to make New York.

continue to being New York. I want New. York City to have enough revenue to pay. for the buses, to pay for the schools, to pay for all the things that make New. York New York and make it the place. where all the millionaires want to live, regardless of how much taxes they pay. All right, Governor Hochul, you know, as. a woman who lived in a red state. for 50 years, I think you have an. incredible opportunity to show, not just. New York, but the country, this is the.

new model. This is the new way forward. for the Democratic Party to deliver. something besides anti-Trumpism. We have. to believe in something. We have to. believe in what helps everybody and I. think you and the mayor have a perfect. opportunity to be trailblazers and get. us back to what the Democratic Party is. supposed to be, party of the people. Morris, thank you. so much. It's been so lovely. I want to. tell my listeners, Morris walked in here. with this bicycle helmet on. So, are you. taking a Citi Bike back up?

>> Yeah, I'm planning to use a Citi Bike to. go after the after we finished taking. the podcast. >> How cool is that? He took the train down. here and the city bike back up. Yeah. I. love it. Morris, thank you so much. >> Yep. Thank you, Jennifer. Great to be on. your show. Yep.