Private Equity and Hedge Fund Industries Pour Over $347 Million Into Midterms

Federal committees reported receiving nearly $347.7 million during the 2022 midterm election cycle from private equity and hedge fund employees and PACs, an OpenSecrets analysis of Federal Election Commission disclosures available on Aug. 15 found. Sen. Kyrsten Sinema (D-Ariz.) made headlines in August for her stalwart opposition to a provision in the Inflation Reduction Act — signed into law by President Joe Biden on Aug. 16 — that would have closed the carried interest tax loophole. The existing loophole allows private equity executives and some hedge fund managers to claim large portions of their income as investment gains at a…

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.)…

Wall Street-Funded Super PAC Plans to Spend $1 Million to Oust Tlaib in Primary

A new political action committee backed by a major New York hedge fund and Democratic politician turned cable news commentator Bakari Sellers plans to spend more than $1 million in a bid to oust progressive second-term Michigan Democrat Rashida Tlaib from the U.S. House of Representatives in November’s midterm elections. Politico reports Urban Empowerment Action PAC announced a new campaign to “elect solutions-oriented Democrats” to Congress. “UEA PAC’s premier race will be in Michigan’s 12th Congressional District, where the group plans to spend upwards of $1 million on TV, digital, mail, radio, and print advertising to support Detroit City Clerk…

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