Kyrsten Sinema Is on Board With Democrats’ Climate and Tax Bill

Knock on wood.

Rod Lamkey/CNP/Zuma

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

Sen. Kyrsten Sinema (D-Ariz.), a crucial vote in an evenly divided Senate, announced last night that she would support a key piece of Biden’s legislative agenda—with some caveats.

Last week, Sen. Joe Manchin (D-W.Va.), a longtime holdout, stunned his colleagues when he announced that he had struck a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) on the “Inflation Reduction Act of 2022,” which “includes roughly $370 billion in energy and climate spending, $300 billion in deficit reduction, three years of subsidies for Affordable Care Act premiums, prescription drug reform and significant tax changes,” per Politico.

But the bill was not going to move forward without the support of Sinema, who demanded that Democrats drop a provision that would place new limitations on the carried interest loophole—which many of her donors happen to benefit from—and garner roughly $14 billion in funding. Instead, the bill will reportedly include a 1 percent excise tax on stock buybacks—the practice of corporations repurchasing their own stock to drive up share prices—that’s set to garner $73 billion in federal revenue. Sinema also reportedly managed to win $5 billion in drought resiliency funding, a boon to Arizona.

Even in its altered form, the bill is a huge deal, promising to direct billions toward combating climate change, extend Obamacare subsidies through Biden’s term, and reduce prescription drug costs. The Senate parliamentarian still has to ensure that all the bill’s provisions all qualify for the reconciliation process that would allow the legislation to evade a GOP filibuster. But for now, things are moving. Schumer plans to introduce the final bill tomorrow.

Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate