Senate Hearing On "Making Wall Street Pay Its Fair Share" Underway Shortly

Senate Budget Committee Chair Sheldon Whitehouse (D-RI) is shortly due to gavel in a Budget Committee hearing, urging that Wall Street must pay its “fair share” when new tax policy is devised in 2025.LIVESTREAM

• Whitehouse will say, per prepared remarks: “Fix the carried interest loophole. Stop rewards for offshoring jobs. Lock in a real corporate minimum tax on foreign profits so huge corporations can’t pay zero. Raise the tax on buybacks passed in the Inflation Reduction Act. Tax companies that pay their CEOs more than 50 times what they pay their average worker. Enact a minimum tax so the richest can’t pay lower rates than everyone else. Use de-corrupting the tax code to make Medicare and Social Security sound and safe as far as the actuarial eye can see.”
• Comes as Republicans and Democrats are formulating strategy for how to approach former President Donald Trump’s tax cuts when they expire in 2025. Democrats on the Senate Finance are scheduled to meet next Thursday to kick-off conversations on policy, according to Punchbowl News.
• Punchbowl notes that Finance Republicans are setting up six working groups and Ways and Means Republicans have 10 ‘tax teams’ already “holding meetings and gathering feedback for the upcoming fight.”