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John,
Senate Democrats are getting close to passing a tax and investment plan that would make millionaires, billionaires, and corporations pay closer to what they owe in taxes―while lowering the costs of prescription drugs, health insurance and energy bills for working people and seniors. However, one obstructionist Democrat may still be standing in the way.
Senator Kyrsten Sinema seems more concerned about pleasing her Wall Street donors than listening to her constituents:
The reality is that by a wide 73% to 22% margin, voters support the Inflation Reduction Act.[1] Sinema’s obstruction is nothing more than a handout to wealthy private equity fund managers and billion-dollar corporations.
Hold Kyrsten Sinema accountable and demand she stand up for working people not wealthy campaign donors by joining with her Democratic colleagues in passing the Inflation Reduction Act immediately, without any more changes.
Sinema is objecting to fixing two special-interest tax giveaways.
One is known as the carried interest loophole, which almost exclusively benefits private equity money managers on Wall Street and in the real estate industry. It allows them to pay just a 20% tax rate (instead of up to 37%) on their earnings from managing other peoples’ money, if their clients hold their assets for at least three years, which most do.
The Inflation Reduction Act would extend that holding period from three to five years, raising $14 billion over a decade from wealthy money managers.
But that’s not all! The media is reporting that Sinema may also be trying to weaken the 15% corporate profits minimum tax on billion-dollar corporations. It’s designed to make sure that giants like Amazon, Netflix and Nike, which pay little or no federal income taxes some years, pay at least 15%.[2] One change it’s been rumored she may want to make could slash the revenue raised by about $100 billion.[3]
We’re fighting for the Senate to pass the bill as-is and demanding that Kyrsten Sinema put her constituents’ needs for addressing the climate crisis, lowering healthcare costs, and reining in Big Pharma’s greed ahead of Wall Street money managers and billion-dollar corporations. Donate today!
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We’re so close. Let’s keep fighting!
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “A Majority of Voters Support the Inflation Reduction Act,” Data for Progress & Climate Power polling, August 1-2, 2022
[2] “Corporate Tax Avoidance Under the Tax Cuts and Jobs Act,” Institute on Taxation and Economic Policy,” July 29, 2021
[3] “Sinema Seeks to Keep Private Equity Break, Curb Corporate Tax,” Bloomberg, August 3, 2022
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