Sen. Kyrsten Sinema signs the Democrats’ big agenda bill, paving the way for Senate passage

Sen. Kyrsten Sinema on Thursday signed sweeping Democratic legislation dealing with climate change, healthcare and taxes, all but securing passage of the bill in the Senate.

The Arizona Democrat said her support came after Democrats scrapped a provision to close the so-called carried interest tax loophole, which helps wealthy private equity and hedge fund managers pay lower taxes.

“We agreed to scrap the carried-interest tax regime, protect advanced manufacturing and promote our clean energy economy in Senate budget-voting legislation,” Sinema said in a statement Thursday. “Subject to parliamentarian review, I will proceed. “

Sinema’s comments on the bill, known as the Inflation Reduction Act, come after he got approval from Senator Joe Manchin of West Virginia, another moderate Democrat. It was seen as the last hurdle to move legislation forward.

Sinema has long opposed a provision in the deal Manchin struck with Senate Majority Leader Chuck Schumer aimed at changing carried interest.

In her statement Thursday, Sinema said she hopes to “pass carried-interest tax reforms that protect investment in America’s economy and encourage continued growth, while closing the most egregious loopholes that some abuse to avoid paying taxes.” “.

Democrats are aiming to pass the law before the August recess to revitalize elements of President Joe Biden’s agenda ahead of the midterm elections.

“I am pleased to report that we have reached an agreement on the anti-inflation bill that I believe will have the support of the entire Democratic Senate conference,” Schumer said in a statement Thursday. “The final version of the Reconciliation Act, which will be presented on Saturday, will reflect that work and bring us one step closer to translating this historic legislation into law.”