Senate Democrats appear to have a deal that all 50 members of the caucus will support — including Sens. Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ).
Here’s Sinema in a statement a few minutes ago:
We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation. Subject to the Parliamentarian’s review, I’ll move forward.
Here’s Schumer:
I am pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference. […] The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit by $300 billion.
The provision to narrow the carried interest loophole might be swapped with a tax on stock buybacks, the Washington Post reports. Bloomberg had previously reported that Democrats were considering a 1% tax on stock buybacks.
The Senate is reconvening on Saturday at noon, and Schumer said he plans to move the legislation forward then.
