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Progressive groups across the country are divided over a decision by Arizona Democratic Sen. Kyrsten Sinema to eliminate side effects in a social spending and tax bill expected to pass the Senate. Interest tax loophole, claiming she is offering “tax cuts” for the wealthy.

The Arizona Democrat announced Thursday that she would “move forward” to support Inflation Reduction Act, the settlement announced by Senate Democrats last week. As part of the deal, she succeeded in eliminating the carried interest tax clause mostly used by wealthy Americans.

In a series of statements provided to Fox News Digital, progressive groups took aim at Sinema’s decision, arguing that the loophole, which has historically benefited wealthy Americans, should be closed.

Cynthia Carrizales, press secretary for the Movement for Progressive Change Committee, insisted that Sinema’s move to close the loophole “will only benefit the wealthy financiers on Wall Street.”

SINEMA becomes top private equity cash recipient as she closes MANCHIN BILL’s billionaire tax loophole

Sen. Kyrsten Sinema, a Democrat from Arizona, is facing a backlash from progressives for her move to eliminate the carried interest tax loophole used by wealthy Americans from the Inflation Reduction Act .

Sen. Kyrsten Sinema, a Democrat from Arizona, is facing a backlash from progressives for her move to eliminate the carried interest tax loophole used by wealthy Americans from the Inflation Reduction Act .
(Al Drago/Bloomberg via Getty Images)

Cynthia Carrizales, press secretary for the Movement for Progressive Change Committee, insisted that Sinema’s move to close the loophole “will only benefit the wealthy financiers on Wall Street.”

“Senator Sinema’s move to protect a loophole that would only benefit wealthy financiers on Wall Street sounds more like a job application after she loses the next primary than trying to help day-to-day,” Carrisales said. of Arizonans or Americans.” “Fortunately, despite Sinema, Democrats are on track to pass a law that, for the first time in decades, will finally force tax-sheltered corporations to pay taxes — making it less of a burden for working families. share.”

Frank Clement, executive director of Tax Fairness America, said Sinema’s decision was an “insult” to taxpayers.

“Senator Sinema’s insistence that maintaining the carried interest tax loophole is an affront to everyone who pays a fair tax,” Clement said. “She backs tax cuts that benefit only the super-rich fund managers, which makes her conscience feel good. Shock.”

Likewise, the progressive nonprofit American for Financial Reform favors eliminating the loophole entirely because it primarily benefits the “already rich.”

Sinema arrives to vote at the U.S. Capitol in Washington, D.C., on August 4, 2022.

Sinema arrives to vote at the U.S. Capitol in Washington, D.C., on August 4, 2022.
(Dru Angler/Getty Images)

“The AFR has long sought to completely close this loophole, which primarily benefits people who are already very wealthy,” said Carter Doherty, director of public relations for U.S. Financial Reform. “The draft legislation envisages only extremely modest changes to this tax provision.”

Manchin-Schumer spending bill targets tax loophole favored by investors

Sinema’s office, however, argued that the senator was doing “what’s best for Arizona,” and concluded that a clampdown on business investment could be fatal to the economy.

“For more than a year, Kyrsten has been clear and consistent that she will only support tax reform and income options that support Arizona’s economic growth and competitiveness,” her office said in a statement shared with Fox News Digital. “Amid record inflation, rising interest rates, and slowing economic growth, curbing investment in Arizona businesses will hurt Arizona’s economy and ability to create jobs. Senator Sinema makes each one based on one criterion.” Decision: What’s best for Arizona.”

Sinema is widely seen as the final senator needed by Democrats to pass climate, energy, health care and tax plans that, if enacted into law, would end more than a year of intraparty negotiations. With her backing, Majority Leader Chuck Schumer of D.N.Y. said he expected all 50 Democrats to vote for the measure.

Senate Majority Leader Chuck Schumer speaks to reporters after a closed-door caucus lunch at the Capitol in Washington, Tuesday, July 19, 2022.

Senate Majority Leader Chuck Schumer speaks to reporters after a closed-door caucus lunch at the Capitol in Washington, Tuesday, July 19, 2022.
(AP Photo/J. Scott Applewhite)

“I am pleased to report that we have reached an agreement on the Reducing Inflation Act I believe this will have the support of the entire Senate Democratic conference,” Schumer said this week. “The final version of the settlement bill, due on Saturday, will reflect that work and bring us closer to enacting this historic legislation. into law. “

Sinema’s move is a victory for the private equity unit, which has pumped large sums of cash into her campaign’s coffers.

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As previously reported, according to data compiled by the Center for Responsive Politics, individuals and political action committees from the private equity and investment sectors contributed $282,650 to her campaign this election cycle, making Sinema the Senate’s top leader in the election cycle. 6th largest donor in the industry.

Under the loophole, private equity managers’ income could be taxed as capital gains — a 23.8 percent tax — rather than regular income taxed at 37.9 percent.

Joe Schoffstall, Tyler Olson and Megan Henney of Fox News contributed to this article.



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