John,

Your pressure is working! Late last night, Senator Kyrsten Sinema confirmed that she’ll support Democrats’ tax and investment plan to lower prescription drug costs, fight climate change and extend Affordable Care Act subsidies for 13 million people, paid for by raising taxes on big corporations and the rich:

Here’s what’s changed in the Inflation Reduction Act:

• Sinema insisted on removing a tightening of the carried interest loophole, which allows Wall Street money managers and some folks in the real estate industry to pay a much lower tax rate on their earnings than they should. This cuts $13 billion from the revenue side of the bill.

• Sinema also took a $40 billion chunk out of the 15% corporate profits minimum tax by letting some manufacturers continue to take advantage of a big tax break that others will not be able to do.

• But, Democrats were able to ADD a new 1% tax on stock buybacks, which corporations use to enrich wealthy shareholders and CEOs and often avoid paying capital gains taxes. Originally included in the House-passed version of this legislation, it will raise an extra $73 billion and encourage publicly traded companies to invest in their workforce instead of giving more to their wealthy shareholders’ pockets.

While this is far from the $2 trillion investment and tax plan that passed the House last November, and far from the roughly $4 trillion plan proposed by President Biden in 2021, this bill is still a historic victory for holding tax cheats and billion-dollar corporations accountable. And critically, this revenue will be used to combat the climate crisis and lower the costs of prescription drugs, health insurance and home energy for working people and seniors.

This weekend, the Senate will debate the bill and offer amendments―some intended by Republicans to weaken our ability to hold greedy, tax dodging corporations accountable.

We’re almost there! Donate today to demand Democrats reject amendments that weaken the bill, and keep fighting with us to get the historic Inflation Reduction Act across the finish line!

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We are on the verge of a big victory for tax fairness, and for millions of working people and our environment. This would not be possible without your activism and support. Thank you for all that you continue to do to unrig our economy and invest in our future.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund