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Sinema is on-board, with Carried Interest dropped from the Tax, Climate and Healthcare bill [1]

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Date: 2022-08-04

Senator Sinema said she will back the tax, climate and healthcare bill (the Inflation Reduction Act of 2022) after Democrats agreed to drop a provision that would have narrowed a tax break for carried interest, something that will serve her “constituents” — her tax-dodging wealthy patrons.

If that’s the price we have to pay to save the world from Climate change, so be it, then let’s march ahead. The People will take care of replacing Sinema some day in the not too distant future,

x Sen. Kyrsten Sinema will support the Democrats' economic bill, giving the Democrats the votes needed to pass the legislation. https://t.co/rsuWHlBo8m — CNN Breaking News (@cnnbrk) August 5, 2022

Sinema’s grandstanding statement —

According to www.politico.com/…, the deal may actually bring in more revenue than the original bill because of a 1% stock buyback excise tax provision.

x Per two sources, the deal with Sinema may actually slightly increase deficit reduction figure



Removes carried interest ($14b) and accelerated depreciation (about $40 b)



But 1 percent stock buyback excise brings in $73 billion https://t.co/wshEqLzErX@marianne_levine — Burgess Everett (@burgessev) August 5, 2022

The new agreement with Sinema includes a new 1 percent excise tax on stock buybacks that will bring in $73 billion, far more than the $14 billion raised by the carried interest provision, according to a Democrat familiar with the deal. The proposal also changes portions of the corporate minimum tax structure to remove accelerated depreciation of investments from the agreement, according to another person familiar. That change will cost about $40 billion. All told, the agreement with Sinema is expected to increase the bill’s original $300 billion deficit reduction figure.

All in all, this is a terrific development. Perhaps this was all executed according to the Schumer/Pelosi/Biden plan.

x Credit to @SenSchumer and @SpeakerPelosi for their leadership. Credit to @Sen_JoeManchin and @SenatorSinema despite all the problems they have caused in the past for coming through when the country needed it. And above all, credit to @POTUS. — David Rothkopf (@djrothkopf) August 5, 2022

Now, let’s focus on the bill and the future, let’s move the spotlight away from the attention-seeking Sinema and Manchin, let’s give the bill and Democrats our full-throated support and let’s keep educating the electorate on how Democrats make while Republicans break the country, the economy and the world. Let’s stay united, let’s be the wind behind the sails of Democracy. Full steam ahead!

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[1] Url: https://www.dailykos.com/stories/2022/8/4/2114631/-Sinema-is-on-board-with-Carried-Interest-dropped-from-the-tax-and-climate-bill

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