Surprise, surprise: The carried-interest loophole beloved of hedge and private equity fund managers and beloathed of essentially everyone else is going to outlive the latest effort to kill it, no matter how much it scandalizes Bill Ackman.
[Sen.] Kyrsten Sinema… wants to nix language narrowing the so-called carried interest loophole.
Ms. Sinema told donors at a campaign fundraiser Wednesday night on Capitol Hill that it makes no sense to squeeze the private equity industry that will finance projects for the roughly $1 trillion infrastructure and $280 billion semiconductor bills that have recently been signed into law, according to a lobbyist who attended the event.
You can’t say those lobbyists aren’t getting what they paid for in Sinema. Maybe more than they even hope, because the guy who killed the last Democratic effort to get something, anything done has sworn he’ll do it again if the carried-interest provision—which accounts for a mere $14 billion of the $739 billion the bill is expected to raise over the next decade—doesn’t make the finished product. And, of course, even if Sinema gets her way on carried interest, she’s not making any promises.
Democrats are hoping they can close ranks and fend off GOP efforts to change the bill. As in previous vote-a-ramas, Republicans will likely attempt to force Democrats to take politically difficult votes, sometimes by making Democrats vote against proposals they actually support…. Ms. Sinema has told people privately she plans to seriously consider proposed amendments to the climate-spending bill and won’t necessarily vote no to prevent changes to the bill, according to people familiar with her comments.
Kyrsten Sinema is seeking a couple of changes to Democrats' party-line bill. She wants to nix the carried interest provision and add drought funding. [Politico]
Kyrsten Sinema, GOP Fuel Fears for Fate of Democrats’ Climate Plan [WSJ]
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