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While the Democrats are pushing for an increase in payments from $ 600 to $ 2,000, the chairman of Patriotic Millionaires, Morris Pearl, said he is ready to help fund the new US bill.
Pearl told Yahoo Finance that additional payments will immediately help the economy, assuming consumers "spend the money in the first week after receiving it."
He said that consumers are the ones who are running the economy, but right now "a lot of them don't have the money to consume anything".
On Monday, the US House of Representatives passed a bill to increase payments to $ 2,000, however, it has a very low chance of passing in the Republican-controlled Senate.
But according to Patriotic Millionaires, incentive checks like these are well worth the investment. In addition, they are ready to pay higher taxes so that this bill will come into force.
In fact, they have been supporting President-elect Joe Biden for years, and during the Obama administration, the group pushed for various additional taxes on the wealthy, and often blamed the Congress for inaction.
"We have to do something about the fact that so many people are not paying their fair share," Pearl said.
It seems that the members of the group are set to spend 2021 getting the new president to keep his promises. During the campaign, Biden said he would increase the tax of those making more than $ 400,000 a year, which will raise about $ 3.35 trillion to $ 3.67 trillion over the next decade.
And if this plan is fully implemented, the richest Americans would see a 13-18% rise in their taxes. Americans with more moderate incomes, meanwhile, will also see growth, but it will be "indirect" and much less, from 0.2% to 0.6%.
Pearl also touted Biden's ideas for an alternative minimum tax for corporations, as well as the proposals focused on tax loopholes and minimum wages.
"I think a lot of what the President-elect is proposing to do is simply about how the rich get richer through tax loopholes," Pearl said.
"It will be part of the solution to the gross inequality that people are complaining about in our country," he added.
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