After the repeal of the carried interest tax provision that targeted billionaires, Vermont Senator Bernie Sanders and Massachusetts Democratic Senator Elizabeth Warren, both independents, will vote on the Inflation Reduction Act.
According to Democrats, the social spending and tax measures — which are largely reduced from the original $3 trillion-plus “Build back Better” bill — would spend $433 billion and raise $739 billion in revenues. After Sen. Kyrsten Silena (D-Ariz.) lobbied for the removal of the provision in her agreement to support the bill, it is expected that the bill will quickly pass the Senate.
Both Warren and Sanders are likely to vote for the legislation, which was announced last week by West Virginia Democratic Senator Joe Manchin and Senate Majority Lead Chuck Schumer. However, both progressive senators have consistently criticized tax loopholes that wealthy Americans use over the years, including the carried-interest loophole.
Sanders and Warren cosponsored the Carried Interest Fairness Act in 2015 with six other senators. This bill would have close the loophole of carried interest.
In September last year, Sanders, during ongoing negotiations over the budget reconciliation bill claimed that the measure would “end tax loopholes, evasions, and other tax loopholes” that billionaires use.
“Let’s be as clear and concise as possible. The budget reconciliation bill has been PAYED FOR. How is that possible? “We will end the tax loopholes, evasions and deceptions perpetrated by the billionaire class in this country,” Sanders tweeted. They will finally pay their fair share.”
Sanders spoke out about America’s “rigged tax code” and attacked wealthy Americans for not paying enough tax.
Sanders made a tweet in 2018 slamming President Donald Trump. He claimed that Trump failed to fulfill his campaign promise to close the “egregious carry interest loophole” and that his “disgraceful tax law did not address it.”
Warren, echoing many of Sanders’ views, has made a name herself when it comes calling out wealthy Americans such as Elon Musk and corporations such as Amazon.
Warren claimed in a 2017 Twitter that “real tax reform would close down loopholes for rich [and] put working family first.”
Fox News Digital reached out Sanders and Warren to find out if they plan to vote for the measure, but did not get a reply from either office.