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CryptoIntelligence 2025-01-23 23:37:57

Elizabeth Warren Pressures Elon Musk and DOGE to Address Tax Code Loopholes

Elizabeth Warren Pressures Elon Musk and DOGE to Address Tax Code Loopholes

US Senator Elizabeth Warren has written an open letter to Department of Government Efficiency (DOGE) Chair Elon Musk, offering strategies to reduce wasteful federal spending. In the Jan. 23 letter, Warren proposed fully funding the IRS, closing the carried interest loophole, and implementing a capital gains tax on inherited estates. She emphasized that wealthier Americans should bear more responsibility, noting they are mentioned repeatedly in her proposal. Musk, whose net worth is estimated at $426 billion, would clearly be impacted. Warren raised concerns about DOGE’s policies, citing potential ethical conflicts. She stated, “It is not clear that you and other DOGE leaders are able to identify and mitigate your conflicts of interest and adhere to common-sense ethics standards. As a result, the committee appears to be a venue for corruption.” She also argued that changes to the tax code could generate significant revenue. Warren highlighted how increases to the estate tax exemption have reduced taxable estates. “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,” she wrote. Different Visions for Government Spending Despite sharing an interest in efficiency, Warren and Musk remain unlikely allies. Warren has urged President Trump to fully fund the IRS, claiming it could increase enforcement and improve taxpayer services, yielding a 12:1 return on investment. However, President Trump and Musk have charted different paths. On his first day in office, Trump froze hiring across federal agencies. Musk, while initially targeting $2 trillion in cuts, recently acknowledged this figure might be unrealistic, suggesting $1 trillion as a more achievable goal. Given that mandatory spending accounts for two-thirds of the federal budget, including Social Security and Medicare, achieving such reductions remains a significant challenge.

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