The Senator from the Terrible Sand Kingdom of Arizonastan has revealed the terms of ransom for the latest, much-reduced incarnation of the build back better bill:
Senate Democrats cleared a huge hurdle Thursday night by securing Kyrsten Sinema’s support for a modified signature climate, tax and health care proposal, and will move forward on the legislation on Saturday.
The Arizona Democratic centrist announced that she’s signed off on the legislation after winning tweaks that include the removal of a narrowed loophole for taxation of certain investment income, a provision known as carried interest. In a statement, Sinema said she’s also won changes that would “protect advanced manufacturing, and boost our clean energy economy.”
Give Sinema an A+ for staying bought; she’s a solid investment for the hedge funders. But I digest:
…The new agreement with Sinema includes a new 1 percent excise tax on stock buybacks that will bring in $73 billion, far more than the $14 billion raised by the carried interest provision, according to a Democrat familiar with the deal.
The deal with Sinema also adds roughly $5 billion in drought resiliency to the bill, according to another person familiar, and changes portions of the corporate minimum tax structure to remove accelerated depreciation of investments from the agreement. That depreciation-related change will cost about $40 billion.
One assumes that Sinema thinks that by adding new income streams, no one will be angry about the one she took out. We have a tax system that is unfair and is designed to help keep the fat cats’ money in their (offshore) bank accounts, and she’s OK with that.
Solution: Elect more Democrats to the Senate, Manchin and Sinema will no longer be relevant.
And just when I was in despair that the system is rigged I saw this 10-tweet Twitter thread from David Rothkopf last night. He pulls back the framing to give us a larger, more optimistic view. This was the tweet that particularly caught my attention:
The entire thread is required reading, please take a moment, especially if you are feeling jaded and cynical. It will put some pep in your walk: we are winning.