Schumer said Friday that Democrats had 'no choice' but to drop a key tax provision from their major spending bill in order to gain Sen. Kyrsten Sinema's support.
The Inflation Reduction Act aimed to narrow that loophole by extending the short-term tax rate to five years. The bill's provision was projected to raise $14 billion over a 10-year period.But"Senator Sinema said she would not vote for the bill, not even move to proceed unless we took it out," he said."So we had no choice."
A spokeswoman for Sinema defended the senator's record when asked by CNBC on Friday about Schumer's remarks and her stance on carried interest. Schumer said that another tax piece from the Inflation Reduction Act was taken out in order to secure the deal with Sinema. This one came from a proposal to impose a
While that part of the bill was altered,"$258 billion of that remains, so the vast majority remains," Schumer said.
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