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after getting tax on hedge fund managers dropped [1]
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Date: 2022-08-04
Breaking, from The NY Times;
The Arizona Democrat had been her party’s last remaining holdout on the package, now slated to move forward on Saturday and pass the Senate within days.
WASHINGTON — Senator Kyrsten Sinema, Democrat of Arizona, announced on Thursday evening that she would support moving forward with her party’s climate, tax and health care package, clearing the way for a major piece of President Biden’s domestic agenda to move through the Senate in the coming days. To win Ms. Sinema’s support, Democratic leaders agreed to drop a $14 billion tax increase on some wealthy hedge fund managers and private equity executives that she had opposed. In a statement, Ms. Sinema said she had also won the inclusion of changes that would “protect advanced manufacturing and boost our clean energy economy,” but did not offer details. Ms. Sinema said she was ready to move forward with the package, provided that the Senate’s top rules officials signed off on it.
The rest of the article is at the link above, which should allow passage through the NY Times paywall. Senate majority leader Chuck Schumer says:
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit,” he said. The deal will “put us one step closer to enacting this historic legislation into law.”
What remains is to see whether or not Senator Joe Manchin will continue to support the bill with the changes Sinema demanded. Sinema’s remark that it also has to pass muster with Senate rules officials is also a potential stumbling block.
NO REPUBLICANS will vote for the bill ; it is being passed as a budget reconciliation bill which can be done with just the majority of 50 Democrats plus V.P. Harris, avoiding the filibuster.
This is not as ambitious as Build Back Better would have been, but it is still a major piece of legislation. Assuming the final bill can make it to President Biden’s desk for his signature, it will be a major accomplishment and one that is exclusively a Democratic victory.
Timing is important; if the bill can be signed into law before Congress leaves town on recess, it will give Democrats a major talking point going back to their districts and into the midterms, and do much to counter the narrative of Biden and Democrats failing to deliver on their promises.
Needless to say, Republicans and right wing media are going to have a major hissy fit.
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[1] Url:
https://www.dailykos.com/stories/2022/8/4/2114636/-Sinema-agrees-to-support-Inflation-Reduction-Act-after-getting-tax-on-hedge-fund-managers-dropped
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