Elizabeth Warren warns Dems to stand firm on tax hikes as fight looms over Trump-era cuts
Fox News
Sen. Elizabeth Warren, D-Mass., is pressing her fellow Democrats to take tough stances on new tax policy as lawmakers prepare for the expiration of part of the Trump-era tax cuts after 2025.
Speaking at the Washington Center for Equitable Growth during its event titled, “The Promise of Equitable and Pro-Growth Tax Reform,” the progressive lawmaker is expected to stress the importance of championing tax reforms to crack down on corporations.
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“At the end of the 2025 tax reform process, large corporations must pay higher taxes. A typical billionaire must pay a higher tax rate than a typical middle-class family. Wealthy tax cheats must be sweating because the IRS has enough money to enforce the law,” Warren will say, reported Punchbowl News.
The former presidential candidate is going to make clear to her party that they cannot compromise too much of their goal. “A little money for poor children or a modest tax cut for middle-class families is still a lousy deal when we can’t fund childcare or infrastructure because the wealthiest among us are still sucking up billions in tax breaks,” she will reportedly explain.
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“Better to let all the Trump tax cuts expire than be accomplices to another slash-and-burn tax bonanza for America’s billionaires,” she will reportedly say, referring to the tax cuts afforded to Americans in the 2017 Tax Cuts and Jobs Act, often referred to as Trump tax cuts. The cuts will expire after 2025, and many Republicans are working to renew them as Democrats plot a different tax policy direction.
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Warren is also reportedly planning to criticize the tax framework that her Democratic colleague Sen. Ron Wyden, D-Ore., chairman of the Senate Finance Committee, has been working on for months. Wyden has been engaged with House Ways and Means Committee Chair Jason Smith, R-Mo., on a potential bipartisan tax deal.
The Massachusetts senator is expected to claim Republicans “tanked the deal because they believe they can get even more next year, and Democrats won’t have the spine to stop them,” in a jab at her own party.
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Warren’s significant push for Democrats to dig in their heels on tax priorities comes as the Senate Finance Committee’s Democrats are reportedly expected to meet Thursday to plan for 2025.
President Biden, who is vying for a second term in the White House, has said his plan is to allow former President Trump’s tax cuts to expire when 2025 comes to a close. He would additionally increase the tax burden on companies and people making more money.
Warren’s office did not respond to Fox News Digital’s request for comment.