Senate Democrats were on edge last week when Sen. Krysten Sinema (D-AZ) reportedly had to study the entire 755-page Inflation Reduction Act before committing to providing the final necessary vote to pass the filibuster-proof budget reconciliation package. Sinema held out until Democrats removed the bill’s carried interest tax provision and tweaked the 15% minimum corporate tax. 

While fighting for the rights of hedge fund managers once was considered a “Republican” sort of thing, that is easily disproved by how bi-partisan investment professionals are when they contribute to political campaigns. 

According to Open Secrets, Sinema received $2,257,315 in campaign contributions from securities and investment individuals and political action committees, between 2017 and 2022 ($318,000 of that was from PACs, the rest from individual investment managers).

In the end it worked out for the bill, as Senate Majority Leader Chuck Schumer (D-NY) dropped the new tax for hedge fund managers from the bill, costing $580 million, according to The Hill, and replaced it with a new tax on corporate buybacks to bring in an additional $1.3 billion. 

--TL

•••

Hope for Democrats This November? ...

Last week, Minority Leader Mitch McConnell (R-KY) predicted the November midterm elections could go either way for the Senate, with his fellow Republicans taking a slight majority, or Democrats taking a slight majority. No one is predicting either party will win a filibuster-proof edge. 

Will the Senate’s passage of the Inflation Reduction Act help stem the traditional midterm sweep by the president’s opposing party? What do you think of the bill’s provisions?

Enter your opinion in the Comment box in this or the right column, or email editors@thehustings.news (subject to editing for length and clarity, but not civilly stated content). 

_____