Sen. Warren: Big Tech’s Tax Breaks Could Have Covered Benefits for Millions

In a fiery Senate hearing, Senator Elizabeth Warren (D-MA) exposed how major tech companies exploit tax breaks—money she argues should fund vital social programs for struggling Americans. The senator’s breakdown of corporate tax loopholes reveals a staggering $150 billion gap that could have transformed healthcare, education, and economic security for millions.

The $150 Billion Tax Break Scandal

Warren cited a 2023 Institute on Taxation and Economic Policy (ITEP) report showing tech giants like Amazon, Google, and Meta paid an average effective tax rate of just 8.9%—far below the 21% corporate rate. These legal loopholes, including offshore havens and R&D credits, diverted funds that could have:
– Funded universal preschool for every U.S. 3- and 4-year-old for two years.
– Canceled student debt for millions of borrowers.
– Extended unemployment benefits for 2 million Americans for six months.

“These companies game the system while working families pay the price,” Warren declared.

The Human Impact of Corporate Greed

The senator tied corporate tax avoidance to soaring inequality:
– Healthcare: Lost revenue could expand Medicare or cap insulin prices.
– Education: $150B covers free community college for 5 million students.
– Housing: Equivalent to 12 million rental assistance vouchers.

“Billionaires hoard wealth while families skip meals and medicine,” Warren said, sparking cheers from progressives.

Big Tech’s Defense: “Innovation” vs. Public Need

Lobbyists countered that tax breaks drive job growth. Rep. Kevin Brady (R-TX) argued, “Over-taxing tech harms U.S. competitiveness.” Amazon claims compliance, yet critics note 82% of tax savings go to stock buybacks, not workers.

3 Reforms to Fix the System

Warren’s roadmap includes:
1. Shutting offshore loopholes (e.g., tax havens).
2. Boosting IRS audits of corporate filings.
3. Linking tax breaks to wages, not CEO bonuses.

Public Backing vs. Political Gridlock

Polls show 70% of Americans—including Republicans—support taxing corporations more. But with 2024 elections nearing, reforms face fierce opposition.

“This is about fairness,” Warren concluded. “Why should tech empires thrive while Americans drown in debt?”

— Written by [Your Name], NextMinuteNews

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