Senator Elizabeth Warren from Massachusetts is urging her fellow Democrats to stand firm on new tax policies as the expiration of part of the Trump-era tax cuts looms in 2025. At an event titled “The Promise of Equitable and Pro-Growth Tax Reform” held at the Washington Center for Equitable Growth, Warren emphasized the need to push for tax reforms that target corporations. She highlighted the importance of ensuring that large corporations pay higher taxes at the end of the 2025 tax reform process, and stressed that billionaires should pay a higher tax rate than middle-class families.
Warren made it clear that compromising too much on their tax goals is not an option for Democrats. She argued that it is better to let all the Trump tax cuts expire than to support another round of tax cuts that primarily benefit America’s billionaires. Referring to the 2017 Tax Cuts and Jobs Act, also known as the Trump tax cuts, Warren criticized the tax framework developed by her Democratic colleague Senator Ron Wyden from Oregon, who has been working on a bipartisan tax deal with Republican counterparts.
Despite Warren’s call for Democrats to hold their ground on tax priorities, President Biden has expressed his intention to allow the Trump tax cuts to expire in 2025 and to raise taxes on corporations and wealthy individuals. Warren’s stance on tax policies comes as Senate Finance Committee Democrats are expected to meet to plan for 2025. While Warren’s office did not respond to requests for comment, her efforts to rally Democrats around a robust tax policy agenda reflect the ongoing debate surrounding tax reform and the distribution of tax burdens in the United States.