Sen. Krysten Sinema has cozied up to Wall Street for years

Sen. Krysten Sinema has cozied up to Wall Street for years

Sen. Kyrsten Sinema was a key player in removing a tax loophole for the ultrarich in the Inflation Reduction Act.

Dan Mahoney’s defense of Sen. Kyrsten Sinema’s actions to undermine pieces of the Inflation Reduction Act (IRA) is almost laughable (“Wall Street barons did not buy Sen. Kyrsten Sinema’s vote. Let’s set the record straight”).

The IRA originally contained a provision that narrowed a gaping tax loophole, known as carried interest, that allows ultrawealthy private equity and other fund managers to cut their tax bills nearly in half, giving them a lower top tax rate on their compensation than virtually all other working Americans. But Sinema held the legislation hostage until the provision was removed.

You’d be pressed to find another politician championing the carried interest loophole. Even radically anti-tax Republicans, including Donald Trump, find carried interest indefensible. In 2017, congressional Republicans voted nearly unanimously in favor of a Tax Cuts and Jobs Act provision that slightly narrows the loophole.

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