Sinema among top private equity cash recipients as she removed billionaire tax loophole from Manchin bill
Sinema among top private equity cash recipients as she removed billionaire tax loophole from Manchin bill
The carried interest tax provision was removed from the Inflation Reduction Act as part of her approval of the bill
By Joe Schoffstall , Thomas Catenacci | Fox News
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Sen. Kyrsten Sinema, D-Ariz., has raked in significant amounts of campaign cash from the private equity sector, which notched a victory after she lobbied to remove a billionaire tax loophole from the Inflation Reduction Act as part of her agreement to back the legislation.
The Arizona Democrat announced Thursday that she would “move forward” in supporting the Inflation Reduction Act, the reconciliation package Senate Democrats unveiled last week. As part of the agreement, she successfully removed the carried interest tax provision, which targeted a loophole used by wealthy Americans.
“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 late Thursday. “Subject to the Parliamentarian’s review, I’ll move forward.”
Sinema’s move is a win for the private equity sector, which pours large amounts of cash into her campaign’s coffers.
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