Senator Kyrsten Sinema agreed to back the Inflation Reduction Act on the condition that a $14 billion tax break for wealthy hedge fund managers be preserved.
Democratic Senator Kyrsten Sinema of Arizona is receiving backlash over her agreement to back the Inflation Reduction Act on the condition that a tax break for wealthy hedge fund managers is preserved.
Sinema, often viewed as an obstacle to President Joe Biden’s agenda alongside fellow moderate Democratic Senator Joe Manchin of West Virginia, agreed on Thursday evening to back the bill on the condition that the carried interest tax loophole remain open. Sinema said in a statement that she would „move forward“ on the bill, assuming that it passes a review by the Senate parliamentarian.
Manchin reached a surprising agreement with Senate Majority Leader Chuck Schumer last week to support the legislation. The partisan makeup of the Senate meant that Sinema’s vote was also essential for Democrats to pass the bill. Members of both parties attempted to sway the Arizona senator in the days leading up to Thursday’s announcement.
