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Vermont Sen. Bernie Sanders, an independent, and Massachusetts Democratic Sen. Elizabeth Warren, who have a history of slamming financial “loopholes” used by wealthy individuals and corporations, are set to vote on Inflation Reduction Act after the interest tax provision of the measure aimed at billionaires was removed.
The social spending and tax measure — which is heavily scaled back from the original $3 trillion “Build Back Better” bill — spends $433 billion and would raise $739 billion in revenue, according to the Democrats. It is expected to move quickly through the Senate after Sen. Kyrsten Sinema, D-Ariz., lobbied to remove the provision as part of her agreement to support the bill.
While both Sanders and Warren are likely to vote for the legislation, which was announced last week by West Virginia Democratic Sen. Joe Manchin and Senate Majority Leader Chuck Schumer, the pair of progressive senators have repeatedly criticized the tax gaps over the years used by wealthy Americans, including the interest-bearing gap.
In 2015, Sanders and Warren, along with six others, originally co-sponsored the Fairness Fairness Act, a measure introduced in the Senate that would have closed the carried interest loophole.
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Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., have a history of slamming loopholes used by the wealthy, including the void carried interest.
(Paul Morigi for We The 45 Million, Tom Williams/CQ-Roll Call Inc via Getty Images)
Last September, amid ongoing negotiations on the budget reconciliation bill, Sanders claimed the measure would “end the days of tax loopholes and tax evasions” used by billionaires.
“Let me be as clear as I can be. The budget reconciliation bill is PAID. How is that going to happen? We are finally going to end the days of tax loopholes and tax evasion by the billionaire class of this country,” Sanders said he tweeted. “Yes, they will finally pay their fair share of taxes.”
Shortly before announcing his second presidential bid in 2019, Sanders referred to America’s “rigged tax code” and took aim at wealthy Americans who he insisted evaded sufficient tax rates.
“We have a rigged tax code that has effectively legalized tax evasion for big corporations and the world’s wealthiest individuals,” Sanders tweeted in January 2019. “It’s time to end these horrific loopholes and make the rich pay their share”.
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In a 2018 tweet, Sanders took aim at former President Donald Trump, claiming he had failed to live up to a campaign promise to address the “extraordinary carried interest loophole” and that his “disgraceful tax bill did nothing to address it ».
Echoing many of Sanders’ views, Warren has made a name for herself when it comes to calling out wealthy Americans like Elon Musk and companies like Amazon.
“Windows, deductions, exemptions. There are many benefits to being a company like Amazon — which made over $10 billion in profits and paid $0 in federal corporate income taxes last year,” Warren wrote in a June tweet 2019 during her presidential campaign.
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Warren also claimed in a 2017 tweet that “real tax reform would close the loopholes for the rich [and] put working families first.”
Fox News Digital reached out to Sanders and Warren to see if they plan to vote for the measure and did not hear back from either office.
Joe Schoffstall of Fox News contributed to this article.
