Arizona Senator Kyrsten Sinema – the lone Democrat holdout on the Biden administration’s revamped reconciliation bill – has finally signed off on it, after Democrats agreed to preserve the so-called carried interest loophole that allows investment managers (like her former bosses) to shield the majority of their income from higher taxes.
” … And do not harm the oil and wine” Rev. 6:6
In fact, Sinema told donors at a Wednesday night fundraiser that it makes ‘no sense’ to squeeze the private-equity industry that will finance various projects for the roughly $1 trillion infrastructure and $280 billion semiconductor bills that were signed into law earlier, according to the Wall Street Journal, citing a lobbyist who attended.
“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said in a statement, adding that she would move forward with the legislation following a review by the Senate’s parliamentarian – who will rule on whether elements such as domestic content requirements for cars eligible for EV tax credits, caps on insulin, and other provisions, meet strict budget rules.
