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'Inflation Reduction' Bill reached with Sinema

Photo Source: By Gage Skidmore from Peoria, AZ, United States of America - Kyrsten Sinema

A multi-pronged spending package negotiated by Kyrsten Sinema and Democrats includes tax code reforms, deficit reductions, health care cost reductions and investments in energy and climate change.

A revision to the Build Back Better bill, which would take care of a major agenda item for President Biden, appeared to be the spending package.

The bill is referred to as the "Inflation Reduction Act of 2022" by Senator Joe Manchin, who announced earlier this month that he had reached an agreement with Senate Majority Leader Chuck Schumer on energy, taxes, and health care.

“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. “Subject to the Parliamentarian’s review, I’ll move forward.”

Sinema, who previously held out on the deal, said in an announcement on Thursday she would support moving forward with the measure and begin debate on the bill.

Sinema was referring to a provision that would have closed the so-called carried interest loophole and generate an estimated $14 billion in new revenue over the next 10 years. The loophole is said to help wealthy private equity and hedge fund managers pay less taxes.

5 August 2022


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