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Sen. Bernie Sanders of Vermont, an independent, and Sen. Elizabeth Warren, Democrat of Massachusetts, who have a history of cracking open financial “loopholes” used by the rich and corporations, will vote on the bill. Inflation Reduction Act After the measure’s carried interest tax provisions for billionaires were scrapped.
Social spending and tax measures – slashed from the original $3 trillion+ Build Back Better Act – cost $433 billion and will raise $739 billion in revenue, According to Democrats. The bill is expected to pass the Senate quickly after Arizona Democratic Sen. Kyrsten Sinema lobbied to remove the provision as part of her agreement to support the bill.
While both Sanders and Warren are likely to vote for legislation announced last week by West Virginia Democratic Sen. Joe Manchin and Senate Majority Leader Chuck Schumer, the two progressive senators have repeatedly criticized tax loopholes for a wealthy America for years. people, including spin-off loopholes.
In 2015, Sanders and Warren, along with six others, initially co-sponsored the Carried Interest Equity Act, a Senate-proposed measure to close a carried interest loophole.
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Last September, in ongoing negotiations on a budget adjustment bill, Sanders claimed the measure would “end the days of tax loopholes and tax evasion used by billionaires.”
“Let me be as clear as possible. The budget reconciliation bill has been paid. How is this going to happen? We will finally end the days of tax evasion and evasion by the billionaire class of this country,” Sanders said. wrote in a tweet. “Yes, they will end up paying their fair share of taxes.”
Just before announcing his second run for president in 2019, Sanders spoke of America’s “rigged tax code” and took aim at wealthy Americans who he insists are dodging adequate tax rates.
“We have a rigged tax code that essentially legalizes tax evasion by large corporations and the world’s richest individuals,” Sanders tweeted in January 2019. “It’s time to end these appalling A loophole that lets the rich pay their fair share.”
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In a 2018 tweet, Sanders took aim at former President Donald Trump, claiming he had failed to deliver on campaign promises to address a “shocking side benefit loophole” and that his “shameful tax bill wasn’t addressed.” this problem”.
Echoing some of Sanders’ points, Warren has made a name for himself in calling out wealthy Americans like Elon Musk and companies like Amazon.
“loopholes, deductions, exemptions. There are many benefits to being a company like Amazon – Amazon made over $10 billion in profits last year and paid $0 in federal corporate income tax,” Warren tweeted in June 2019 wrote. the presidency.
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Warren also claims Tweets in 2017 ‘Real tax reform will close loopholes for the rich [and] Put working families first. “
Fox News Digital reached out to Sanders and Warren to see if they still intend to vote for the measure, but received no response from either office.
Joe Schoffstall at Fox News contributed to this article.