May 15, 2025

In Speech to National Urban League, Warren Calls Out Republican Plans to Shortchange American Families to Pay for Billionaire Tax Cuts

“If they win, the billionaires don’t just become wealthier—the rest of us lose out big time in investments we never make. Investments to fix our roads and bridges. Investments to make child care affordable so parents can get to work.”

Washington, D.C. — Today, U.S. Senator Elizabeth Warren (D-Mass.) delivered remarks at the National Urban League’s 2025 Empowerment Summit, laying out the stakes of the tax fight in front of Congress. 

Senator Warren called out Republicans’ plans to give billionaires trillions of dollars in tax cuts while cutting health care and education spending and raising costs for American families. 

“We are people who believe that if you make it really, really, really big— bigger than millions and billions of dollars big—you should pitch in your fair share so everyone else can have a chance. And when we do that…(w)e can invest in neighborhood businesses. We can finally level the playing field for working families in America,” said Senator Warren. 

Senator Warren also warned that Republicans’ GENIUS Act would turbocharge President Trump’s corruption and set American families up to be further scammed. 

“If we don't fix this bill, communities that the Urban League seeks to represent will be harmed most. What Republicans are selling as an opportunity for financial inclusion and empowerment will tank our financial system, and cause pain to families who are barely making ends meet,” concluded Senator Warren. 

Transcript: Remarks for the National Urban League 2025 Empowerment Summit 
May 15, 2025

As Prepared for Delivery

Senator Elizabeth Warren: Hello National Urban League! It is so good to be here with you today. 

Let’s talk about Trump’s “big, beautiful bill,” or as the nerds call it: the reconciliation package, or, as I call it, the Billionaires Win, Families Lose Plan.

The fight before Congress today will help determine the kind of country we are. Are we a country that only works to make the rich get richer? Or are we a country that believes everyone in this country deserves a chance to succeed – no matter the color of your skin, who you love, how you worship, where you were born, or what zip code you live in. That is the fight.

But before we get into it, let me briefly rewind: In his first term, Donald Trump had one major legislative accomplishment. A $2 trillion tax cut. You might be wondering to yourself: I don’t remember getting a tax cut. Well, you probably didn’t notice much of a difference on your taxes, because the Republican tax giveaways got mostly sucked up by millionaires, billionaires, and giant corporations. Not working people.

This year, those tax giveaways are up for renewal. And this time, it’s even worse. These tax cuts could cost $52 trillion over the next thirty years. To give you some context, that is more debt than we have built up in the 249-year history of our country.  

These are primarily tax giveaways to millionaires, billionaires and giant corporations.  

I say the millionaires and billionaires are doing just fine—we should instead give tax breaks to working parents and the people educating our children!

But it gets worse. The Republicans in Congress want to pay for these tax giveaways by cutting the basic services that help the not-rich people. Trump and the Republicans plan to rip away health care coverage for millions of people. They are working to slash public education. And they are fine with raising the cost of groceries – all to pay for trillions of dollars in giveaways for billionaires.  

The Republican plan is on full display. It can fit on a bumper sticker: Billionaires win; families lose. 

If they win, the billionaires don’t just become wealthier—the rest of us lose out big time in investments we never make. Investments to fix our roads and bridges. Investments to make child care affordable so parents can get to work. Investments to help Black and Brown communities get a fighting chance after decades of discrimination and injustice. 

There it is:

Shortchange our children so Jeff Bezos can buy another $40 million clock that ticks once a year.  

Cripple our small businesses so Mark Zuckerberg can host even more black tie events, dress up like Benson Boone, and dance around. That’s not a joke. I saw the video. Would not recommend.

Hollow out our communities so Elon Musk can plan a trip to Mars. Actually, if he would take his chainsaw with him, I’d be willing to contribute to sending him there.

But the stakes of this tax fight are very serious. I know we don't have all the tools we need in Congress right now. I know the math. But that does not mean that we have no tools at all. 

The way I see it, we’ve got two choices in front of us: we can whimper, we can whine, or we can fight back. And I know this group is ready to fight back. And that starts with a “hell no” on any bill that gives billionaires more tax breaks.

Because that’s not our vision for this country. We are people who believe that if you make it really, really, really big— bigger than millions and billions of dollars big—you should pitch in your fair share so everyone else can have a chance. 

And when we do that, we can fund investments in child care, and in education, and in affordable housing. We can invest in neighborhood businesses. We can finally level the playing field for working families in America.

While I’m with you all today, the Senate could vote on the GENIUS Act crypto bill as soon as next week. We need to make the financial system fairer but this bill will turbocharge Donald Trump’s corruption while making it easier for consumers to get tricked and trapped. If we don't fix this bill, communities that the Urban League seeks to represent will be harmed most. What Republicans are selling as an opportunity for financial inclusion and empowerment will tank our financial system, and cause pain to families who are barely making ends meet.

So hold onto that vision and stay in the fight. Thank you all for being here today. I am honored to fight alongside you. 

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