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Vermont Senator Bernie Sanders, an independent, and Massachusetts Democratic Senator Elizabeth Warren have a history of knocking down financial “loopholes” used by wealthy individuals and corporations. Inflation Reduction Act After removing the interest tax provision targeted at billionaires.

The social spending and tax measure — largely scaled back from the initial $3 trillion-plus “Build Back Better” bill — would spend $433 billion and raise revenue by $739 billion., According to the Democrats. Sen. It is expected to pass quickly in the Senate after Rep. Kirsten Sinema, D-Ariz., lobbied to remove the provision as part of her agreement to support the bill.

Both Sanders and Warren are likely to vote in favor of the legislation announced by West Virginia Democratic Senator Joe Manchin and Senate Majority Leader Chuck Schumer last week, but the pair of progressive senators have repeatedly criticized the tax loopholes. Wealthy Americans including the usury loophole.

In 2015, Sanders and Warren, along with six others, originally co-sponsored the Carried Interest Fairness Act, a measure introduced in the Senate that would close the carried interest loophole.

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Sens.  Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., have a history of bashing loopholes used by the wealthy, including the usury loophole.

Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., have a history of bashing loopholes used by the wealthy, including the usury loophole.
(Getty Images via Paul Morigi for We The 45 Million, Tom Williams/CQ-Roll Call Inc)

Last September, amid ongoing debate over a budget reconciliation bill, Sanders said the measure would “end the days of tax loopholes and avoidance” used by billionaires.

“Let me be as clear as I can. The budget reconciliation bill is paid. How does that happen? We’re finally going to put an end to the billionaire tax loopholes and avoidance in this country,” Sanders said. He wrote in a tweet. “Yes, they will finally pay their fair share of taxes.”

Before announcing his second presidential bid in 2019, Sanders spoke about America’s “rigged tax code” and took aim at wealthy Americans, insisting they avoid the appropriate tax rate.

“We have a rigged tax code that essentially legalizes tax-dodging for big corporations and the world’s wealthiest people,” Sanders wrote in a January 2019 tweet. “It’s time to end these horrible loopholes and make the wealthy pay their fair share.”

Despite Manchin’s deflationary legislation, Americans say inflation will likely remain high

In a 2018 tweet, Sanders took aim at former President Donald Trump, saying he had failed to live up to a campaign promise to fix the “highly fraudulent usury loophole” and that his “disgraceful tax bill did nothing to fix it.”

Echoing many of the views held by Sanders, Warren has made a name for herself calling out wealthy Americans like Elon Musk and companies like Amazon.

“Loopholes, deductions, exemptions. There are many benefits to being a company like Amazon — it made over $10 billion in profits and paid $0 in federal corporate income taxes last year,” Warren wrote in a campaign tweet in June 2019. Presidency.

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Warren also mentioned in a 2017 tweet “Real tax reform closes loopholes for the rich [and] Put working families first.

Fox News Digital reached out to Sanders and Warren to see if they still plan to vote in favor of the measure and did not receive a response from either office.

Fox News’ Joe Skafstall contributed to this story.