Saturday, March 9, 2024

That’s damn good politics.

No billionaire in our country should pay a lower tax rate than a teacher, a sanitation worker, or a nurse.
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Warren for Senate

Danielle, did you catch the State of the Union on Thursday? 

President Biden spoke about a lot of important issues during his address — but I want to talk about one in particular.

It's an issue that threads many, many issues together. Look, if you care about our climate, if you care about making heath care affordable, if you care about the future of our children, if you care about housing, if you care about expanding opportunity, then you have to care about our tax code.

President Biden said it best: No billionaire in our country should pay a lower tax rate than a teacher, a sanitation worker, or a nurse. But our current tax system allows it — and Donald Trump made sure of that.

While in office, Trump passed a tax law that gave billionaires and wealthy corporations $2 trillion in tax breaks. That's trillion — with a T. It's one of his only substantial "accomplishments" as president.

Our tax code allows the 1,000 billionaires in America to pay an average federal tax rate that's far less than the vast majority of Americans pay.

So President Biden has proposed a minimum tax of 25% for billionaires to right this wrong. But wait, there's more — we can't forget about wealthy corporations, too.

In 2020, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes. Z-e-r-o.

Congress started to tackle this by passing my bill to make billionaire corporations pay a minimum 15% of their profits in taxes. This produced enough money to cover all of the climate proposals in the Inflation Reduction Act.

It was a strong start, and President Biden is taking it a step further, proposing we raise it to 21%. He also included his objective to end tax breaks for Big Pharma, Big Oil, private jets, and massive executive pay.

These changes can help create affordable child care and paid family leave, fund our public schools and housing, invest in affordable housing and health care...the list goes on.

Look, when we consider the two-trillion-dollar question of "Who does our government work for?" — the answer is in our tax code.

Do we want our government to work for rich and powerful people and companies — to help make them more rich and more powerful? Or do we want our government to work for the middle class?

I understand that conversations about the tax code can get wonky. I know that on its surface the tax code isn't the most invigorating issue.

But like President Biden said, it boils down to a simple question of fairness. How can we get everyone to pay their fair share, and give everyone a fair shot?

Good tax policy is good for every issue we want to tackle. And that's damn good politics.

I'll keep doing everything in my power to make sure millionaires, billionaires, and giant corporations are paying their fair share in taxes — by championing President Biden, and fighting for my plans to pass a wealth tax on fortunes greater than $50 million and end lobbying as we know it so big money won't have so much power in Washington.

I'm able to stay in these fights because I'm shoulder to shoulder with people like you, Danielle. Can you help grow our grassroots campaign and support my re-election with a donation of $100 or any amount?

 

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Thanks for being a part of this,

Elizabeth

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