Wall Street lobbyists targeted Sen. Kyrsten Sinema to keep the carried interest loophole intact before the provision was dropped from the climate and tax bill.
Since she was elected to the Senate in 2018, Sinema has been a sympathetic ear to the industry. Last September, she huddled for a lunch meeting at a Philadelphia restaurant with Michael Forman, who manages at least $34 billion as CEO of Philly-based investment firm FS Investments, and one of his executives, according to people familiar with the lunch. Forman did not respond to emails and calls seeking comment.
late Thursday that Democrats agreed to drop the carried interest provision to get her vote. Sinema said she would work separately "to enact carried interest tax reforms."Even before Sinema was elected to the Senate in 2018, she supported private equity investors as a member in the House of Representatives. In 2016, Sinema said the industry provided "billions of dollars each year to Main Street businesses," according to The New York Times.
Sinema's take includes $10,000 in campaign donations from the American Investment Council's political action committee, half of which was donated to her campaign after Maloney's op-ed ran last year. Representatives for KKR and Carlyle declined to comment. Representatives for Apollo and Blackstone did not respond to requests for comment.The reason some of Wall Street's wealthiest money managers want to preserve the carried interest loophole is that it taxes their profits at a lower rate than ordinary income.
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