Sinema Backs Democrats’ Climate and Tax Bill, Paving Way for Senate Passage
Headline Roundup August 5th, 2022
Sen. Kyrsten Sinema (D-Ariz.) reached a deal with fellow Democrats to support their climate, healthcare and tax bill.
With Sinema on board, Democrats have a clear path to passing the second half of President Joe Biden’s domestic agenda. Senate Democrats made concessions to secure Sinema’s support, including removing a new tax on private equity executives, adding a 1% tax on corporate stock buybacks and adding drought management funds for Sinema’s home state of Arizona. The bill still needs the approval of the Senate parliamentarian to qualify for budget reconciliation rules that would prevent Senate Republicans from blocking the bill. House Democrats plan to vote on the bill on Friday, August 12.
Republicans again signaled strong opposition to the bill. Sen. Lindsey Graham (R-S.C.) said the upcoming “vote-a-rama” — an often hours-long session in which senators can offer amendments to the bill — would “be like hell.”
Coverage was prominently featured across the spectrum on Friday. While coverage in left-rated outlets often focused on Sinema directly — what The New Yorker (Left bias) called “The Kyrsten Sinema Watch Party” — coverage in right-rated outlets often criticized Sinema and the bill’s tax provisions. The homepage of Fox News (Right bias), for instance, was dominated by stories framing Sinema as “billionaires’ best friend” and suggesting proposed IRS funding would hurt lower-income Americans.
Sen. Kyrsten Sinema (D-Ariz.) said Thursday that she plans to "move forward" with a revised version of Democrats' reconciliation bill after reaching a deal to scale back some of the original tax provisions and beef up climate funding.
Why it matters: Sinema was potentially the last hurdle for Democrats who have been seeking to clinch President Biden's longtime goal of passing an ambitious package tackling climate change, health care and taxes — renamed the "Inflation Reduction Act of 2022."
"We have agreed to remove the carried interest tax provision, protect advanced manufacturing,...
Senator Kyrsten Sinema, Democrat of Arizona, announced on Thursday evening that she would support moving forward with her party’s climate, tax and health care package, clearing the way for a major piece of President Biden’s domestic agenda to move through the Senate in the coming days.
To win Ms. Sinema’s support, Democratic leaders agreed to drop a $14 billion tax increase on some wealthy hedge fund managers and private equity executives that she had opposed, change the structure of a 15 percent minimum tax on corporations, and include drought money...
Sen. Kyrsten Sinema, D-Ariz., has raked in significant amounts of campaign cash from the private equity sector, which notched a victory after she lobbied to remove a billionaire tax loophole from the Inflation Reduction Act as part of her agreement to back the legislation.
The Arizona Democrat announced Thursday that she would "move forward" in supporting the Inflation Reduction Act, the reconciliation package Senate Democrats unveiled last week. As part of the agreement, she successfully removed the carried interest tax provision, which targeted a loophole used by wealthy Americans.