Arizona Senator Kyrsten Sinema says she is ready to “move forward” with the Inflation Reduction Act, the Democrats’ climate, health, and tax bill, after some changes were made to key tax provisions in the bill.
Majority Leader Chuck Schumer said the changes maintain major components of the bill, and could be introduced as early as Saturday when the Senate is back in session. The parliamentarian is still combing through the details of bill to make sure it can be passed through the reconciliation process, which would allow the bill to pass with a simple majority.
The changes:
- Removal of the “carried interest loophole,” a policy that targeted wealthy investors.
- Addition of a new excise tax of 1% on stock buybacks, that could bring in more revenue than the carried interest provision.
- Addition of billions of dollars of funds to address drought, an issue crucial to Arizona.
