Sen. Sinema Received $1 Million From Wealthy Investors She Blocked Higher Taxes For
Sen. Kyrsten Sinema (D-Arizona) reportedly received nearly $1 million from wealthy investors whose taxes would’ve been raised under President Joe Biden‘s Inflation Reduction Act if she hadn’t opposed it.
The Arizona centrist axed her party’s longtime goal of raising taxes on wealthy investors in order to gain her support for Biden’s domestic agenda regarding health care, climate and taxes which ended up passing in the Senate earlier this month.
She negotiated the removal of the carried interest tax provision in an effort to “protect advanced manufacturing, and boost our clean energy economy.”
Sinema’s changes represented a poistive change for manufacturers, hedge fund and private equity managers, but it also decreased the amount the proposal would have raised. To make up for the lost funds, the agreement added a 1% excise tax on stock buybacks for companies. The Inflation Reduction Act is expected to be signed off on by Biden this week.
Sinema raised $983,000 from supporters in the private equity, hedge fund and venture capital fields since last summer – that doubles the amount donated to her campaigns over her last decade in Congress, an Associated Press review of campaign finance disclosures reported.
Hannah Hurley, a spokesperson for the Arizona senator, rejected accusations that funding influenced Sinema’s negotiations on the Inflation Reduction Act.
“Senator Sinema makes every decision based on one criteria: what’s best for Arizona,” the statement read. “She has been clear and consistent for over a year that she will only support tax reforms and revenue options that support Arizona’s economic growth and competitiveness.”