Arizona Senator Kyrsten Sinema revealed what it might take to get her on board with the Inflation Reduction Act, which addresses inflation, healthcare costs, and climate change. Since all Republican senators are expected to vote against the package, Sinema’s support is required for it to pass through the reconciliation process.
Senator Sinema is reportedly seeking changes to the language restricting the carried interest loophole, which would increase taxes for some hedge fund managers and private equity investors. If Sinema removes this provision, it will cut $14 billion of the bill’s $739 billion projected revenue.
Sinema’s second request is to add roughly $5 billion in drought resiliency funding to the legislation, which is critical to addressing the water shortage in Arizona and across the West.
While the additional drought funding is likely to get support, it remains to be seen whether all the Democrats will be willing to accept Sinema’s changes to the carried interest loophole. All eyes now turn back to Senator Joe Manchin—who previously insisted on closing the loophole with this legislation—to see if he is willing to accept Sinema’s changes.
Quick hits
How will Senator Sinema vote on the climate bill?
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Quote of the day
We know how much our culture is at risk with this infrastructure. We shouldn’t be sacrificed for the national energy policy. Our way of life is important to us. We want to continue to harvest food on our lands and waters.”
Picture this
⚡🔥 As thunderstorms rolled across CA last weekend, they ignited the #R1Fire on Shaffer Mountain, a landmark NE of Susanville. Crews jumped into action on the ground and from the air, and successfully held the fire to 68 acres. #WeAreBLMFire #FireYear2022
📸 @BLMFire
(featured image: Kyrsten Sinema’s vote is required to pass the Inflation Reduction Act. Gage Skidmore, Flickr)