Sen. Elizabeth WarrenElizabeth WarrenRegulators investigating financing of Trump's new media company Warren calls on big banks to follow Capital One in ditching overdraft fees Crypto firm top executives to testify before Congress MORE (D-Mass.) ripped the GOP tax bill in a speech on the Senate floor Tuesday night, calling it “government for sale.”
“As one of my Republican colleagues said in a moment of honesty, if they don’t pass this tax giveaway bill, financial contributions will stop. And a Republican House member said big donors told him to pass the tax bill — or don’t ever call them again,” Warren said. “Let's call this out for what it is — it’s government for sale.”
“And that’s how you end up with a $1.5 trillion tax giveaway to corporations at a time of record corporate profit.”
Last month, Sen. Lindsey GrahamLindsey Olin GrahamGOP senators introduce bill targeting Palestinian 'martyr payments' Bipartisan senators earmark billion to support democracies globally Democrats see Christmas goal slipping away MORE (R-S.C.) said "financial contributions will stop" for the GOP if the party doesn't pass its tax bill.
"The party fractures, most incumbents in 2018 will get a severe primary challenge, a lot of them will probably lose, the base will fracture, the financial contributions will stop, other than that it'll be fine," he said.
Rep. Chris CollinsChristopher (Chris) Carl CollinsBiden taps Damian Williams as US attorney for Manhattan New York lt. gov. says she is 'prepared to lead' following Cuomo resignation Outrage grows as Justice seeks to contain subpoena fallout MORE (R-N.Y.) also said last month that he is facing pressure from donors to ensure the GOP tax bill gets passed.
Warren’s comments come on the heel of a joint op-ed she wrote with Sen. Bernie SandersBernie SandersStudy: Test detects signs of dementia at least six months earlier than standard method The Hill's Morning Report - Presented by Uber - Omicron tests vaccines; Bob Dole dies at 98 Democrats see Christmas goal slipping away MORE (I-Vt.) in which they criticized Republicans for pushing an agenda they say is "widely disliked by the American people."
“Despite a booming stock market and record corporate profits, workers in this country are being squeezed by flat wages, soaring household expenses and declining savings,” Warren and Sanders write. “They want Washington to start working for them and to spend tax dollars investing in our future — not bankrupting it.”
“Congressional Republicans face a choice,” they continue. “Will they spend this week just trying to deliver partisan tax breaks for the rich? Or will they work with Democrats to pass a budget that supports working people?”
House Republicans passed the final version of the GOP tax bill on Tuesday, and the Senate is expected to follow suit later Tuesday evening.
The bill lowers the top individual tax rate from 39.6 percent to 37 percent and slashes the corporate tax rate from 35 percent to 21 percent.
It also increases the exemption amounts for the individual alternative minimum tax and the estate tax, and eliminates the ObamaCare individual mandate.
The House will have to revote on the bill Wednesday after the Senate parliamentarian ruled that three provisions in the bill violated Senate rules.