Senator Kyrsten Sinema, (D-Ariz.) announced on Thursday evening that she would support moving forward with her party’s climate, tax, and health care package.
Sinema made a deal with Senate Majority Leader Charles Schumer (D-N.Y.) to remove a provision closing the so-called carried interest loophole from the package announced last week by Schumer and Sen. Joe Manchin (D-W.Va.), according to The Hill.
To be more specific, to win Ms. Sinema’s support, Democratic leaders agreed to drop a $14 billion tax increase on some wealthy hedge fund managers and private equity executives that she had opposed, change the structure of a 15 percent minimum tax on corporations, and include drought money to benefit Arizona, reports the New York Times.
With Sinema apparently on board, her vote will give the Democrats in the Senate 50 votes, leading the way for Vice=presinent Harris to cast the tie-breaking vote. The bill is expected to be pushed through the Senate this weekend before returning to the House next week for final approval.
The bill is scaled back from Biden’s original Build Back Better package — and is named the Inflation Reduction Act. It represents the largest investment in energy and climate programs in US history. Ie will also extend expiring health care subsidies for three years and give Medicare the power for the first time to negotiate prescription drug prices, reports CNN News.
All that is needed now is for the bill to be approved by Senate parliamentarian Elizabeth MacDonough, who must decide whether the provisions in the bill meet strict rules to allow Democrats to use the filibuster-proof budget process to pass the legislation along straight party lines.
Mr. Schumer confirmed in a statement that he had reached an agreement “that I believe will receive the support of the entire Senate Democratic conference.” He said the revised legislation would be released on Saturday.
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit,” he said. The deal will “put us one step closer to enacting this historic legislation into law.”
