Senator Sinema said she will back the tax, climate and healthcare bill (the Inflation Reduction Act of 2022) after Democrats agreed to drop a provision that would have narrowed a tax break for carried interest, something that will serve her “constituents” — her tax-dodging wealthy patrons.
If that’s the price we have to pay to save the world from Climate change, so be it, then let’s march ahead. The People will take care of replacing Sinema some day in the not too distant future.
Sinema’s grandstanding statement —
According to www.politico.com/…, the deal may actually bring in more revenue than the original bill because of a 1% stock buyback excise tax provision.
The new agreement with Sinema includes a new 1 percent excise tax on stock buybacks that will bring in $73 billion, far more than the $14 billion raised by the carried interest provision, according to a Democrat familiar with the deal.
The proposal also changes portions of the corporate minimum tax structure to remove accelerated depreciation of investments from the agreement, according to another person familiar. That change will cost about $40 billion.
All told, the agreement with Sinema is expected to increase the bill’s original $300 billion deficit reduction figure.
All in all, this is a terrific development. Perhaps this was all executed according to the Schumer/Pelosi/Biden plan.
Now, let’s focus on the bill and the future, let’s move the spotlight away from the attention-seeking Sinema and Manchin, let’s give the bill and Democrats our full-throated support and let’s keep educating the electorate on how Democrats make while Republicans break the country, the economy and the world. Let’s stay united, let’s be the wind behind the sails of Democracy. Full steam ahead!