Senator Elizabeth Warren recently addressed Elon Musk, chair of the Department of Government Efficiency (DOGE), in an open letter.
She suggested cutting government waste by proposing changes to the tax system that would target wealthy individuals and increase federal revenue.
In the letter, dated January 23, Warren suggested funding the Internal Revenue Service (IRS), closing tax loopholes, and implementing estate tax reforms.
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Warren argued that fully supporting the IRS funding would not only increase government revenue but also ensure fairer enforcement of tax laws. She stated that such financing could yield a return of $12 for every $1 invested by catching tax evaders and improving services for taxpayers.
Additionally, she pointed out that past changes to estate tax rules, made under Presidents George W. Bush and Donald Trump, had drastically reduced taxable estates, which resulted in revenue losses for the government.
Warren cited data showing that eliminating the “stepped-up basis” on assets inherited at death could save over $60 billion annually.
Furthermore, Warren expressed concerns about potential conflicts of interest within DOGE’s leadership. She questioned whether the committee’s leaders, including Musk, could manage conflicts and adhere to ethical standards. In her letter, she wrote:
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.
The senator emphasized that targeting tax loopholes used by wealthy individuals would not only promote fairness but also improve government efficiency.
Recently, Senator Warren also sent an open letter to Scott Bessent, President Trump’s nominee for Treasury Secretary. What did the letter say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
