Sinema And Kelly Vote For Bill To Expand IRS, “Tackle Climate Change”

kelly sinema
Sens. Mark Kelly and Kyrsten Sinema dutifully posed with their vaccine records in D.C. on December 18, 2021. [Photo via Twitter]

On Sunday, Arizona Senators Mark Kelly and Kyrsten Sinema voted in favor of a bill that is expected to raise taxes on the middle-class and expand the Internal Revenue Service. Proponents of the bill claim that it will protect the earth from climate change.

Despite the fact that Senator Bernie Sanders revealed earlier this weekend that it will not reduce inflation, Sinema claimed the bill will “help Arizonans build better lives for themselves and their families by lowering prices, making health care more affordable and accessible.”

Kelly claimed the bill “lowers prescription drug costs, combats the impacts of drought, and tackles climate change without raising taxes on small businesses and middle-class Arizonans.” He also claims that will all happen “while reducing the deficit, by closing tax loopholes on the most profitable corporations.”

However, Sinema came to the wealthy’s rescue this week when she announced that she would back the legislation only on the condition that the carried interest tax provision was dropped for the benefit of hedge funds.

According to CNBC, “Carried interest refers to compensation that hedge fund managers and private equity executives receive from their firms’ investment gains. After three years, that money is taxed at a long-term capital gains rate of 20%, instead of a short-term capital gains rate, which tops out at 37%.”

Arizona’s Democrat House members were largely silent while Republican members reacted quickly to the news of the bill’s passage:

“Hitting businesses with a complicated and onerous new ‘book tax’ and imposing government drug price controls that limit access to new cures and therapies will only harm patients and undermine U.S. competitiveness,” said Danny Seiden, CEO of the Arizona Chamber of Commerce, in an usual break for the group which usually acts as a cheerleader for Sinema.

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