Arizona Democrat Sen. Kyrsten Sinema said Thursday that she would “move forward” with fellow Democrats' Inflation Reduction Act as long as the carried interest provision is removed.
“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy in the Senate’s budget reconciliation legislation,” she said.
The provision opposed by Sinema was supported by another holdout Democrat, Sen. Joe Manchin, and progressives and would have generated $13 billion over ten years.
The scaled-back Inflation Reduction Act would be “reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit by $300 billion,” Senate Majority. Leader Chuck Schumer said.