Economy

Democrats saved Biden's agenda, but Sinema had her price: keeping a tax loophole for wealthy investors even Trump wanted gone

2 days ago   |   By Business Insider

President Joe Biden and former President Donald Trump AP Photo
Democrats are poised to pass their inflation bill, but they won't be closing the carried interest loophole.
Sen. Kyrsten Sinema of Arizona ultimately opposed axing the tax provision, which benefits wealthy investors.
Calls to close the loophole have come from Presidents Obama, Trump, and Biden.
Both Donald Trump and Barack Obama would've likely supported Democrats' latest attempt to narrow a tax loophole that benefits some of America's wealthiest investors. But Sen. Kyrsten Sinema of Arizona killed that effort. On this issue...
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Kyrsten Sinema ensured a $14 billion tax break for private equity, hedge fund, and real estate executives remains intact. It's a win for many of her campaign donors

2 days ago   |   By Business Insider

Sen. Krysten Sinema of Arizona. Bonnie Cash/Getty Images
Kyrsten Sinema said she'd support the Inflation Reduction Act after striking deal with fellow Dems.
It involved keeping a loophole used by private equity execs to pay less tax on their compensation.
Open Secrets lists three major private equity firms as leading sources of donations to Sinema's campaign.
Kyrsten Sinema's decision to back the proposed Inflation Reduction Act has put President Joe Biden's derailed drug pricing, energy, climate change, and tax legislation back on track. The Arizona senator's support was won late Thursday...
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