Kyrsten Caves: Sinema Agrees To Move On With Democrats Huge Tax Increase / Taking Global Warming Into Account


After obtaining previously requested provisions, Senator Kyrsten Sinema said she will move forward with Democrats on their massive spending on climate change and tax increases, which are humorously dubbed the “Inflation Reduction Act.”

Sinema’s announcement comes after Democrat Senator Joe Manchin similarly succumbed and struck a deal with Senate Leader Chuck Schumer.

And, like her counterpart in West Virginia, Sinema succumbed after getting concessions, including a roughly $5 billion drought recovery fund for Arizona, along with the removal of a provision that narrowed the so-called “carry interest” loophole that left rich hedge fund managers could pay lower taxes. .

“We have agreed to remove the provision of the deferred interest tax, protect advanced manufacturing and boost our clean energy economy in Senate budget alignment legislation,” she said in a statement. “Subject to the MP’s assessment, I will continue.”

RELATED: Report: Sinema wants changes to $740 billion tax hike/global warming bill, says she’s ‘taking her time’

Sinema caves under pressure, will move forward with Democrats’ tax and spending bill

Manchin, according to the New York Times, was sold on the bill after months of negotiations over a commitment by Democratic leaders and the White House to complete a highly controversial 304-mile gas pipeline in West Virginia.

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The duo of Sinema and Manchin succumb so easily to the pressure, fighting only for their own pet projects rather than for the financially starved American people — in general and including those in their respective states — underlining the dangers of the Republicans announcing them as a kind of savior of the economy.

Just a few weeks ago, Senator Manchin hinted that he would not pass the Inflation Reduction Act because it did not address “Americans struggling to afford groceries and gas as inflation rises to 9.1 percent.”

Fast-forward to today and a pipeline causes him to bend over. Add to that Sinema’s move to lower taxes on hedge funds and you suddenly see that they are both willing to go along to get along. There are no principled Democrats.

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With Sinema and Manchin both on board with the tax and spending bill, the expected number of votes in the Senate is 50-50 as Democrats openly plan to pass the bill without a single Republican vote, using reconciliation to avoid the filibuster.

This means Vice President Kamala Harris will likely be the deciding vote if she ushers in a victory for the Biden administration and a loss for the American people.

RELATED: Senator Joe Manchin Swears ‘Inflation Reduction Act’ Won’t Raise Taxes on Americans, Despite All Signs It Will

Not really an inflation reduction law

The whole concept of the Democratic tax and spending bill that Sinema is signing for is based on a lie in the title alone. In fact, every time they say that phrase is a lie.

The Penn Wharton Budget Model reports that “the law would very slightly increase inflation through 2024,” adding that “the impact on inflation is statistically indistinguishable from zero.”

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The Tax Foundation points out that “this bill could actually exacerbate inflation,” while the Congressional Budget Office (CBO) believes the bill would “have a negligible effect on inflation.”

A letter written recently by 230 economists warns that the Sinema-Manchin-Schumer tax and spending bill will exacerbate inflation at a time when skyrocketing costs are already crippling Americans.

TBEN Business reports that the group of experts explains that the US economy is at a “dangerous crossroads” and that the “inappropriately named ‘Inflation Reduction Act of 2022’ would be nothing like that.”

“Instead,” they write, “it would perpetuate the same fiscal policy flaws that have helped accelerate the current troubling economic environment.”

The impartial Joint Committee on Taxation (JCT) estimates that the bill will raise taxes for millions of Americans, the vast majority of whom earn less than $400,000 a year.

At least hedge fund managers won’t suffer, will eh, Kyrsten?

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