Elizabeth Warren on How Tech Ceos Are Working The Gop For Billions

Donald Trump's Second Term Hasn'T Even Hit The 100-Day Mark, and the President Has Almedy Made Clear That His Priority is not Fullfilling the promises of Prosperity He Made to Working Class Americani On the Campaign Trail, but Ensury The Wealth Backers Who Fueled His Victory Get Their. Payout.

AS The Republicans in Control of Congress Firetto to Build Out A Budget That Extends Trump's 2017 Tax Cuts While Torching Spending On Government Programs, Sen. Elizabeth Warren (D-Mass.) IS Warning that Republican are Also Quietly Planning to Retroacively Gift Tech Ceos Billions of Tax Dollars, and use “Magic” Math To Make Their Numbers Work.

Earlier This Month, Warren Wrote a Letter to prominent Tech Ceos Including Elon Musk, Jeff Bezos, and Mark Zuckerburg Decrying the tech industry's efforts to lobby congress for major tax incentives – Including a retro tax break on research and developing that May be fasc. Republic Planned Extension of the 2017 Tax Cuts and Jobs Act (TCJA).

“These Billionaires are lobbying Donald Trump to Give Them a Tax Break for Research Expenses,” Warren Tells Rolling Stone. “Their Argument is, 'We will have more incentive to do research if you do that.' The Trick is: they want money for research that they finished and paid for years ago. Unless you have a way back machines, There's no way that a tax break now incentivizes that particle work, but it is a perfect place for the government to writite a check for $ 75 billion to five billionaires. ”

The Tcja REQUARED COMPANIES TO WRITE OFF THE COSTS OF RESEARCH AND DEVELOPMENT OVER A FIV YEAR PERIOD, ISTEAD OF A YEARLY DEDUCTION FOR THE FULL AMOUNT. The Joint Committee on Taxation, A Congressal Committee Composed of Members of the House Ways and Means Committee and the Senate Finance Committee, Estimated that ending the Research Tax Loophole for Corporations would generate $ 119.7 Billion in Revenue Gain Bethaeen 2022, When The Provision Went Into Effect, and 2027

“This is not a Return of Taxes Paid. This is Just Money, “Warren Says. “These Billionaires Have Combased in Donald Trump. They Helped Him Get Elected, “She Adds,” So they Have Cooked Up A Scheme to Get a so-club tax Break that's Basically Just at $ 75 Billion Check From The Federal Government. ”

According to Warren's Letter, A Retroactive Retroacive Restoration of the Research and Development Tax Loophole CouUn Coutelly Grant Alphabet $ 24 Billion, $ 22 Billion to Amazon, $ 15 Billion to Meta, $ 10 Billion to Apple, And $ 2.5 Billion To Tesla. (Earlier This Year, Tesla Reported Paying Out Exactly $ 0 in Federal Income Taxes in 2024.)

This Massive Cash Infusion would such as AS Tax and Policy Experts Predict That An Extension of the Tcja would Result in Another Windfall for the Ultra Wealthy and Corporations, While Provide Minimal Gains To Low Income and Working Class Americans. Republicans Are Currently Dirempting to Justify the Predicted $ 4.6 Trillion Their Tax Cut for the Wealthy Will Add to the Deficit Over 10 Years with Claims That More That $ 2 Trillion in Spending Cuts and Stimulated Economic Output Will Budget The Balance. Warren Says It's BS “Magic Math.”

“Republicans want to pass a taxaway to billionaires, some millionaires, and giant corporations, and the cost would be $ 4.7 Trillion.” She Explains, City Predicative Models from the Congressal Budget Office (CBO). “The Last Time Did This Big Tax Giveaway – It was about $ 2.2 Trillion [in] 2017 – Republicans Said, 'Well, We can ignore that, Because it will generate More Revenue [because ] There will be so Much Business Activity. '

“The Basic Argument was 'This Will Be Free,' Because Otherwise, How Can You Explain It To Some Middle Class Family That's Out There Working and Actual Paying Taxes On Their Earnings,” She Adds. “IT Turned Out, Not Only Was It Not Free, It Cost More Than Advanced and Didn'T Stimulated Any Economic Activity.”

“The American People Didn'T Buy It,” Warren Says. “In fact, that taxation giveaway was so unpopular that donald trump reached the lowst point in his popularity for here ethitre lu years up up unitil janugue 6. That's how bad that first round tax giveaway to billionaires was.”

Some Republic, Including House Speaker Mike Johnson (R-La.), Have recently Argued That Since the Cuts Are Aleredy in Place, and this is Simply an extensions of existing policy, no additional deficit would creathed-an assertion that was rejected last month by the Gop-Controlled House Budget Committee. This “Magic Math,” as Warren Calls It, Didn'T Work Before, and it isn'T Expected to Work This Time Around.

“That is Magic Math, and that's What they're Trying to do, Because They Desperately Want To Give a Giant Payoff to the Billionaires and Try to Fool the American People Into Thinking That Republicans are Fighting for Them,” Warren Says. “Saying it is free, does not make it free.”

But Before Republicans Can Try and Force Through Their Tax Proposals, they need to resolve the pending issue of governments. ON FRIDAY, CONGRESS IS Expected To Once Again Vote On A Continuing Resolution (CR) TO KEEP The Government Funded and Avoid a Full Shutdown of the Federal Government.

While Republican leadership Claims That the Cr is a Clean Funding Extension Free of Poison Pills and Other Chicanery, Democrats Argue the Legislation Contains Plenty of Riders That Will Allew The Gop To Codify Major Cuts To Spending Commanded by Trump, Elon Musk, and his so-Called Department Department of Government Efficiency (Doge).

“This is not a CR,” Warren Says. “'CR' is Washington Speak for We're Just Going To Hold the Budget Stoady For a Few More Weeks, OR Maybe Even a Month OR Two – All of the Same Income, All of the Same Spending – While We Finish Negotiating The New Budget for Next Year. That's What That Means. That's not what this is. ”

“This is a new budget,” she continues. “It's a New Budget That Cuts Billions Out of Services For Veterans, Cuts Access To Health Care for Old People in Nursing Homes, Cuts Home Health Aides For People With Significant Disabilities Who Need Help So They Can Live Independently, All Driving or Paying For Giant Tax Cuts For Billionaires.

Warren Plans to vote no on the resolution, which would require at 60-Vote Majority to pass the senate. It will probably get there, as senate minority leader Chuck Schumer (DN.Y.) Said On Thursday that He Plans to vote with Republicans. Trump Praised Him for the decision on Friday, but many democrats are furious that their leader in the senate caved to republics by supporting a bill that will essentially gives the power of the purse to trump and musk.

“House Republicans Have Voted to Wipe Out The Guarrails That Congress Wrote For How To Spend TaxPayer Money,” Warren Wrote Thursday on X. “Trump and Musk Could Hold Everyone Under Their Magic Spell – SPEND OR SHUS OFF TaxPayer Money However they want. ABSOLUTELY NOT. I'm Fighting Back. “