Sinema Met With Her Many Private Equity Friends Ahead of IRA Vote

Last week, Democrats in the Senate and House managed to pass the Inflation Reduction Act — a significant tax, climate, and health care package — but only after appeasing one senator from Arizona by allowing an ongoing tax loophole for investment executives. For years, lawmakers have attempted to close the carried interest loophole, an income tax arrangement that favors investment managers at private equity, hedge fund, and venture capital firms by allowing them to pay lower taxes — at a rate based on capital gains as opposed to their actual income from labor. Once Senate Majority Leader Chuck Schumer (D-N.Y.)…

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