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Msg  438924 of 452268  at  8/4/2022 10:21:38 PM  by

navajojoe


Sinema is on board

(CNN)Sen. Kyrsten Sinema on Thursday night agreed to support the Democrats' economic bill, giving Democrats the 50 votes they need to pass the legislation in the coming days.

Sinema's support is critical given that all 50 Republicans will oppose a plan they argue would hurt the economy and cost far more than Democrats are contending -- so any one Democratic defection could sink it.

In a statement, Sinema indicated that she won several changes to the tax provisions of the package, including removing the tax on carried interest, which would have impacted hedge fund managers and private equity. That proposal would have raised $14 billion.

"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. "Subject to the Parliamentarian's review, I'll move forward."

As CNN earlier reported, Democrats agreed to add an excise tax on companies' stock buybacks as part of the agreement.

"The agreement will include a new excise tax on stock buybacks that brings in far more revenue than the carried interest provision did, meaning the deficit reduction figure will remain at $300 billion," a Democrat familiar with the agreement told CNN.
The $300 billion target in deficit reduction had been a key priority of Sen. Joe Manchin, whose agreement to the deal last week revived the legislation.

"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 by $300 billion," Senate Majority Leader Chuck Schumer said in a statement. "The final version of the Reconciliation bill, to be introduced on Saturday, will reflect this work and put us one step closer to enacting this historic legislation into law."


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Replies
Msg # Subject Author Recs Date Posted
438930 Re: Sinema is on board Wiggling 15 8/4/2022 11:27:56 PM
438941 Re: Sinema is on board alertmeipp 23 8/5/2022 12:46:03 AM
438942 Re: Sinema is on board O&GEngr 18 8/5/2022 1:04:20 AM




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