Senator Kyrsten Sinema has reportedly received nearly $1 million over the past year from investors whose taxes would have increased under a plan to raise taxes on wealthy traders, according to the Associated Press. abc15
WASHINGTON, D.C. — Senator Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan.
The donations, which make Sinema one of the industry’s top beneficiaries in Congress, serve a reminder of the way that high-power lobbying campaigns can have dramatic implications for the way legislation is crafted, particularly in the evenly divided Senate where there are no Democratic votes to spare. They also highlight a degree of political risk for Sinema, whose unapologetic defense of the industry's favorable tax treatment is viewed by many in her party as indefensible.
The American Investment Council, a trade group that lobbies on behalf of private equity, also defended their push to defeat the tax provisions. The soaring contributions from the industry to Sinema trace back to last summer. That's when she first made clear that she wouldn't support a carried interest tax increase, as well as other corporate and business tax hikes, included in an earlier iteration of Biden's agenda.
The donations from the industry coincide with a $26 million lobbying effort spearheaded by the investment firm Blackstone that culminated on the Senate floor last weekend. “Given the breaking nature of this development we need as many offices as possible weighing in with concerns to Leader Schumer’s office,” Blackstone lobbyist Ryan McConaghy wrote in a Saturday afternoon email obtained by the AP, which included proposed language for modifying the bill.
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