Sen. Kyrsten Sinema has struck a deal with fellow Democrats on the Inflation Reduction Act, according to a Thursday night statement from the Arizona Democrat.
Sinema said she will move forward on the bill after Democratic Party leaders agreed to remove a tax increase on carried interest and a 15% minimum tax on wealthy corporations.
“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said in the statement.
Sinema added that she was looking forward to working with Democratic Virginia Sen. Mark Warner on “carried interest tax reforms” and “closing the most egregious loopholes that some abuse to avoid paying taxes.”
Schumer and Sinema announce deal to move the “Inflation Reduction Act” — which won’t reduce inflation but will raise taxes — forward to a vote pending the Parliamentarian’s review. pic.twitter.com/sCjzE9r0TJ
Senate Majority Leader Chuck Schumer celebrated the move, indicating his hope that the Senate would reach its required 50-vote threshold for the bill to pass.
“I am pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference,” Schumer said in a statement. “The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit by $300 billion.”… (Read more)