Cinema took Wall Street's money by taxing investors

Cinema took Wall Street's money by taxing investors

Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted the party's long-standing goal to raise taxes on wealthy investors, said last year that Arizona Democrat Kyrsten Sinema had raised nearly $1 million from private investors. equity experts, hedge fund managers, and venture capitalists who allegedly raised money taxes as planned.

Cinema took Wall Street's money by taxing investors

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For years, Democrats have promised to raise taxes for investors who pay much lower income taxes than the average worker. But just as he hit his target last week, Sinema made a series of changes to the party's $740 billion spending plan for the election year, eliminating a proposed "transfer" tax increase on private equity income and a $7 billion exemption. 35 billion was obtained. A separate tax hike that other giants now have to pay could save much of the industry. The bill, with Sinema's amendments intact, was finally passed by Congress on Friday and is expected to be signed by President Joe Biden next week.

 

Kyrsten Sinema 2022

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Sinema has long aligned with private equity, hedge fund and venture capital interests, helping her raise at least $ 1.5 million in election contributions since she was elected to the House a decade ago. But the $ 983,000 she raised since last summer was more than double what the industry had given her during all of her previous years in Congress combined, according to an Associated Press review of the campaign's financial disclosures. 

The donations, which make Sinema a major industry beneficiary in Congress, are reminiscent of how high-power lobbying campaigns can have dramatic implications for the way legislation is done, particularly in the equally divided Senate where there is no they are democratic votes. They also highlight a degree of political risk for Sinema, whose unrepentant defense of the industry's favorable tax treatment is considered by many in her party to be indefensible.

"From their point of view, that's a million dollars very well spent," said Dean Baker, senior economist at the Center for Economic and Policy Research, a liberal-oriented think tank. "It's pretty rare that you see such a direct return on your investment. I think I'd give them a thumbs up. 

Sinema's office refused to release her for an interview. Hannah Hurley, a spokesperson for Sinema, acknowledged that the senator shares some of the industry's views on taxation, but has rejected any suggestion that the donations influenced her thinking. "Senator Sinema makes every decision based on one criterion: what is best for Arizona," Hurley said in a statement. "For over a year, she has stated clearly and consistently that she will only support tax reforms and import options that support Arizona's economic growth and competitiveness." The American Investment Council, a private equity trading group, has also defended attempts to circumvent tax rules.