Warren for Senate: [link removed]

We are under five months away from when voters will decide the direction
our country takes on abortion, climate, and immigration. Another fight
with huge consequences is also teed up: The fight over taxes.

In 2017, Donald Trump signed his only major legislative achievement: a $2
trillion tax cut mostly sucked up by millionaires, billionaires, and giant
corporations — you know, the guys Trump is now begging for money to pay
his legal bills and fund his campaign. In 2025, many of those cuts will
expire, and — ready or not — Congress will be forced to confront big
decisions on tax policy.

The 2025 tax fight will create a huge opportunity to break with decades of
tax-cutting political orthodoxy and reshape the tax code to reflect our
nation’s values by raising taxes on the wealthy. That’s what Americans
across the country are demanding. That’s what Joe Biden is running on.
Next year, we must raise taxes on giant corporations and billionaires.

[ [link removed] ]Below I’m going to go into detail on just how critical our country’s
tax code policy is — and why this is a pivotal moment to shape the future
of our economy. I’ve spent many years advocating for making our tax code
fairer for the middle class, and I’m running for re-election this year to
keep fighting for this. Will you pitch in
$28 or any
amount to help grow our campaign and make the case for policies that make
our government work not just for the rich and powerful but for everyone?
I’m grateful to have you on this team.

I want to be crystal clear: This is about what both Republicans and
Democrats have done in years past. If Democrats take the coward’s way out
and sign our names to a half-baked deal that lets the wealthy off the
hook, it will be a huge failure — and one the American people cannot
afford.

In short, taxes reflect our values. Taxes show what — and who — we value
enough to collectively invest in. And today’s tax code reflects the values
of a handful of the wealthy and well-connected, far more than the values
of everyone else.

It is no surprise the United States ranks 31st out of 38 developed
countries in terms of tax revenue as a share of GDP. Our tax code is now
caught in a doom loop. Tax loopholes for the wealthiest individuals and
corporations mean the rich keep more and more of their money. And as the
money floods to the top, so does power. Growing piles of cash fund growing
armies of lobbyists that demand even bigger tax breaks. Cash spent on
lobbying hit a record $4.3 billion last year — fueled by billionaires
drooling over the prospect of even more lavish tax breaks in 2025. And
boy, does it work. What are the policy consequences of high-powered
lobbying and corporate-friendly senators and representatives on both sides
of the aisle? Well, we end up with tax policy that reflects the values of
the top 1% — and mostly the top 1% of the 1%. The tax doom loop also
distorts every other part of our economy.

In 2020, things started to shift. Every major Democratic candidate running
to replace Donald Trump made raising taxes on the wealthy a centerpiece of
their presidential campaigns — including Joe Biden. Enough of the tax doom
loop — candidates were willing to say no to billionaire donors. After
Biden won and a deadly pandemic rattled our economy to the core, Biden and
Democrats in Congress actually delivered. We passed tax policies that
broke with decades of bad economic and political orthodoxy — and, in doing
so, fueled the best economic recovery on the planet.

In 2022, we raised taxes on corporations for the first time in thirty
years. Democrats in Congress passed my 15% minimum tax on billion-dollar
corporations. This tax leapfrogged the usual tax loopholes and put a
minimum tax on the profits these big corporations reported to their
shareholders, meaning no more bragging to their wealthy investors about
how big their profits were, and then telling the IRS they were too poor to
pay taxes. It’s a tax change aligned with American values — and it will
raise $222 billion in new revenue to boot.

Democrats also passed a massive funding increase for the long-underfunded
IRS, so it can take on the millionaires and billionaires who have been
holding back about $150 billion each year — money they legally owe. Early
reports from that effort indicate that for every dollar invested, $10 will
be returned. And, once again, tax policy was a sharp dividing line between
the two parties: Every Democrat supported the tax increases on the rich
and every Republican voted against them. Every. Single. One.

And that sets us up for the showdown in 2025, when Congress will decide
what to do when a huge chunk of the Trump tax cuts expire, and big
decisions need to be made.

If Republicans win in November, Donald Trump has already said exactly what
will happen. He told his “rich as hell” donors — his words, not mine —
that he will give them another huge tax cut. An “upper class” tax cut, and
a “business class big tax cut.” That corporate rate, which Trump had
already slashed from 35% down to 21% — why not lower it to 15%? And why
not add a few more loopholes for Wall Street and Big Oil? The tax code is
on the auction block, with favors going to Trump’s wealthiest donors.

If Democrats win, what happens next? In the past, we eagerly cut deals
with Republicans that gave a teeny tiny tax break to middle-class
Americans and another big, fat cut to those at the top. When Ronald Reagan
got elected, for example, the Democratic House fell all over itself to
make a $10 trillion tax cut deal with him. The tax doom loop in its full
glory. Or look at the Bush tax cuts. Why did those cuts cost $8 trillion?
Because Democrats cut a deal with Republicans to make nearly all of Bush’s
temporary cuts permanent. The impact on the national debt was staggering.

Right after the deal was cut, Republicans claimed to care deeply about the
deficit. They then fabricated a debt ceiling crisis, which they used to
extract crippling budget cuts. Those cuts cost the U.S. economy more than
7 million jobs, and they helped set the stage for Donald Trump’s election
in 2016.

Republicans are running the same play again — and too many Democrats have
demonstrated just how eager we are to compromise. Earlier this year,
hoping for an increase in the Child Tax Credit to lift 400,000 kids out of
poverty — a very important goal — a number of Democrats agreed to give big
corporations $3 in tax cuts for every $1 to poor families. Republicans
tanked the deal because they believe they can get even more next year, and
that Democrats won’t have the spine to stop them.

But Democrats don’t need to be suckers this time. We can turn away from
our history of bad dealmaking, and double down on raising taxes for those
at the top. We can make the U.S. tax code reflect the values of the
American people by raising taxes for billionaires and billionaire
corporations. That’s what Joe Biden is running on for his re-election. And
it’s what the American people are demanding — loud and clear.

Four in five Americans support raising taxes on the rich — 80%. And that’s
ALL Americans, Democrats, Republicans, and independents. And take a closer
look at the Trump voters. Nearly two in three voters who pulled the lever
for Donald Trump in 2020 say they support raising taxes on the rich. If
Democrats play hardball on taxing billionaires, America will be with us.

Raising taxes on the rich to pay for other programs makes those other
programs even more popular. For example, a big investment like affordable
child care is incredibly popular — but when child care is paired with a
plan to pay for it by raising taxes on the wealthy and large corporations,
it becomes even more popular — up 4 percentage points overall, and up 7
points with independents, and 6 with Republicans. In other words, when we
talk about taxes to pay for the programs we want, we build broader support
for those programs.

At a time when people have grown cynical about Democratic promises,
showing our willingness to tax billionaires and giant corporations to pay
for those programs strengthens our credibility.

My two-cent wealth tax would pay for universal child care; cancel all
student loan debt, make technical school, two-year, and four-year colleges
free; create a $5 billion investment in historically Black colleges and
universities; and give every public K-12 school a million dollars to
invest in the way that best meets their specific needs. When we remind
people of that, we invite them to dream big for our children and for our
nation — and to reject the answer that we can’t make our country a better
place because Mark Zuckerberg and Elon Musk don’t want to pay taxes.

The possible changes to our tax code are not mysterious. Democrats have a
long list of ideas that raise taxes on the wealthy and big businesses —
raising rates, closing loopholes, strengthening minimum taxes, and
investing in the IRS.

Our redlines should also be clear: 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. And wealthy
tax cheats must be sweating because the IRS has enough money to enforce
the law.

Democrats have good, popular ideas about taxes. All we need is courage.
Courage to shake off half a century of running for the hills every time
the subject of taxes comes up. Courage to stand up to billionaire and
corporate donors. Courage to say to the wealthiest and most powerful
people in this country, “pay up.”

It's time to stiffen our spines. Joe Biden is right: if the 2025 tax bill
doesn’t call on wealthy people and giant corporations to shoulder a bigger
share of what it costs to run this country, Democrats should reject it
outright. And that is true no matter what crumbs the lobbyists toss our
way to sweeten a bad deal.

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 child care or
infrastructure because the wealthiest among us are still sucking up
billions in tax breaks. Better to let all the Trump tax cuts expire than
be accomplices to another slash-and-burn tax bonanza for America’s
billionaires.

It’s time to talk about our values — and time to get out there and fight
for them. Donald Trump is telling rich donors that he’ll give them even
more tax breaks. He wants to build an America that works even better for
those who have already made it big. Democrats should follow Joe Biden’s
lead and double down on taxing the rich. Tax the rich so that we can build
a stronger, fairer America — an America with opportunity for everybody,
where every kid has a first-rate education, where our transportation
system isn’t the butt of jokes, and where families aren’t bankrupted by
one bad medical diagnosis. The American people are telling us that they
are ready for a tax code that promotes their values, and Democrats must be
ready to deliver.

[ [link removed] ]I’ve fought hard for this, and I’m going to continue doing everything I
can to make wealthy billionaires and corporations pay their fair share in
taxes. Your support makes this work possible. If you believe it’s time to
tax the rich, can you please pitch in
$28 or
anything you can to help grow momentum for this critical policy?

Thanks for being a part of this,

Elizabeth Warren







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