Elizabeth Warren proposes Elon Musk pay more taxes for gov’t efficiency
Senator Elizabeth Warren urged DOGE Chair Elon Musk to cut wasteful spending, proposing full IRS funding and closing the carried interest loophole.
US Senator Elizabeth Warren has penned an open letter to Department of Government Efficiency (DOGE) Chair Elon Musk, proposing ways the federal government could cut wasteful spending.
According to the Jan. 23 letter, Warren proposed fully funding the Internal Revenue Service (IRS), closing the carried interest loophole, and adding a capital gains tax on estates.
The wealthy appear to be the targets of Warren’s IRS proposal, as the socioeconomic group is mentioned four times in the brief four-paragraph section titled “Cutting Waste and Abuse in the Federal Tax Code.” With an estimated net worth of $426 billion, Musk certainly falls into that category.
Senator Warren voiced strong concerns about the DOGE process and its policies, particularly regarding potential conflicts of interest among its leadership.
The senator also called for changes to the tax code, arguing that closing certain exemptions could increase government revenue. In her letter, she says that increases to the estate tax exemption have reduced the number of taxable estates.
She cites estimates suggesting that without past exemptions introduced by Presidents George W. Bush and Donald Trump, federal estate tax revenue in 2019 could have been up to nine times higher.
”The tax expenditures arising from the exclusion of capital gains on assets transferred at death totaled about $39 billion in 2019. DOGE should end this stepped-up basis for assets transferred at death, saving over $60 billion per year going forward,” Warren said.
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Author: Christopher Tepedino
