Kyrsten Sinema is on board, but at what cost? (via MaddowBlog)
last week and unveiled the Inflation Reduction Act, there were sighs of relief throughout the progressive political world — followed by a nagging question:In the days that followed, Democratic leaders proceeded to work through the process, meeting with the parliamentarian’s office, scheduling votes, and expressing great optimism that this hard-fought reconciliation package would finally cross the finish line, delivering a landmark victory, not just for President Joe Biden and his party, but for...
The sticking point was a relatively obscure tax break called the “carried interest loophole,” which is sometimes referred to as “the carry.” In case anyone needs a refresher, this is the tax break that taxes private equity and venture capital income at a lower, 15 percent rate, unavailable to the rest of us. Hedge-fund managers and Wall Street executives have fought tooth and nail to protect this loophole, especially as the Obama White House tried to eliminate it.
Many Democrats continued to work on this, and both Schumer and Manchin made a point to include it in their revamped Inflation Reduction Act. Sinema, however, has consistently said she’d oppose closing the loophole — at least in this bill — and yesterday, she successfully had it removed from the pending reconciliation package. Democratic leaders also tweaked the structure of a 15 percent corporate minimum tax and threw in some drought relief funding to benefit Arizona.
While it’s certainly disappointing to many on the left that the carried interest loophole will remain in place, at least for now, the Center on Budget and Policy Priorities’ Chuck MarrAs for what happens now, the Senate is off today, but members are scheduled to return to Capitol Hill tomorrow, at which point there will be a procedural vote to formally begin consideration of the Inflation Reduction Act.
If all goes according to plan, that initial vote will be followed by up to 20 hours of debate, which will lead to votes on a series of Republican amendments — the part of the process known as the “vote-a-rama” — that will probably push the process into early next week. Watch this space.
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