Sinema received over $500K from private equity before shielding industry from tax hikes

[turbinetree]

By Kenny Stancil, Common Dreams
Published August 09, 2022

Senate Democrats passed a pared-backed reconciliation package on Sunday, but only after a pair of widely supported provisions that would have made it harder for Wall Street tycoons to reduce their tax bills were removed at the behest of Sen. Kyrsten Sinema—the right-wing Arizona Democrat who has taken more than $500,000 in campaign contributions from private equity executives during the current election cycle.

"Remember the days when taking half a million bucks from an industry, and then passing legislation that only benefits that industry, while passing the costs onto everyone else, would be called corruption?" Brown University political economist Mark Blyth asked on social media. "Today it's just lobbying as usual."

Last week, Sinema agreed to back the Inflation Reduction Act as long as the so-called "carried interest loophole," which benefits hedge fund managers and private equity moguls by allowing their investment income to be taxed at the long-term capital gains rate of around 20% rather than the ordinary top income rate of 37%, was preserved.

https://www.rawstory.com/sinema-received-over-500k-from-private-equity-before-shielding-industry-from-tax-hikes/

[dalton99a]

1. Helluva investment

[LogicFirst]

4. I am furiously disappointed in her.

[PatSeg]

38. But hey

Someone has to look after the interests of the poor hedge fund managers. Cuz who is representing them?

[BeyondGeography]

2. Shocking

[FBaggins]

3. Badly misstates what would be considered corruption

Scores of Democrats receive money from the abortion industry, or unions, or advocates for raising the minimum wage... and they they go and vote for those issues.

But that isn't corruption. Corruption is when a politician supports or opposes a given position and then changes their mind due to being paid off. It isn't corruption when you receive political contributions from groups that support the things that you already support.

Sinema opposed the changes to the carried interest rules all along.

[irisblue]

13. "abortion industry," what exactly is your meaning here?

.."abortion industry.." , what the hell is that?

[FBaggins]

17. Companies that provide abortion services?

What else?

Planned Parenthood alone will donate about a million dollars this cycle - almost exclusively to Democratic candidates. Do you think a single one of them is "corrupt" when they then vote exactly the same way they were going to vote anyway?

[Rob H.]

37. The phrase "abortion industry" is right-wing framing, fyi nt

[FBaggins]

40. So what's preferred?

The real point is being dodged here - Democratic politicians attract donations because they support reproductive rights... they don't support those rights because of those donations. Call the companies in that industry/field whatever you want. Their donations are not corrupting unless you can point to someone who was anti-choice until they received a PP donation.

[Rob H.]

45. "Call the companies in that industry/field whatever you want."

Nope. "Abortion industry" is used by right-wing think tanks like The Heritage Foundation, media outlets like FoxNews, and fundamentalist religions, so I won't use it because it plays into their narrative that abortion providers care more about money than birth control, women's health, reproductive freedom, and bodily autonomy. Phrases like "advocates for reproductive choice," while a bit longer, more accurately reflect the aims of these organizations.

"Call the companies in that industry (there's that word again)/field whatever you want" is cavalier and insulting, imo, because words matter. YMMV.

[Iggo]

20. But what about...

…all the great and beautiful things she does for all those poor people with shitloads of money?

[FBaggins]

23. You're going to be hard-pressed to find senators without wealthy donors

Corruption is when they change their mind on an issue because of those funds.

[Iggo]

49. For the record: I'm not talking about the great and powerful Sinema, here.

Corruption involves turning bad. But you can’t turn bad if you already are bad. Is that what we’re saying in our whatabout?

Again, for the record, I am not talking about the beautiful and most perfect senator Sinema, who is perfect.

(EDIT: Yes, I’m pissed about something. I’ll get over it soon…lol.)

[xocetaceans]

51. No, corruption occurs when they have "donors". All the money paid to campaigns by corporations...

...are essentially bribes - i.e., it's all quid pro quo; for access, for favorable votes, etc. That is part of why Citizens United has terrible consequences.

All campaigns should be allotted a set amount by the government to spend on reelection, and that is it. Money above and beyond that is purely corruption manifesting itself.

Of course, the Congress won't restrict their own chances of getting rich through this kind corruption or through the revolving door, so this all can be done.

However, it is still corruption.

[brush]

22. You're defending someone who scuttled Biden's agenda...

countless times?

[not fooled]

34. She campaigned as a progressive

then did a 180 once in office and once the cash started rolling in.

Corruption per your definition; it's just that she has already changed her stance and gotten money before this present instance. So now we have continuation of the corruption, I guess you would say.

And, please describe this "abortion industry" for my enlightenment.

[FBaggins]

36. A decade ago? She's been elected multiple times since then

She may have been socially progressive, but she was clearly a fiscal moderate from the beginning and has consistently been rated as a moderate (or even conservative) while in office. Wikipedia says that she was the 47th most-conservative member of the senate in her first year (no small feat considering there were 53 republicans at the time).

Feel free to point out when she campaigned for ending the carried-interest tax treatment and then changed her mind.

And, please describe this "abortion industry" for my enlightenment.

What do you call companies that provide abortion services? Big abortion? The abortion lobby? What's a better way to describe them?

[momta]

39. Oh, for crying out loud.

What do you call companies that provide abortion services? Big abortion? The abortion lobby? What's a better way to describe them?

I call it HEALTHCARE!!!

[FBaggins]

42. "Healthcare" doesn't differentiate insulin producers from abortion providers. nt

[momta]

50. You're right

They're BOTH healthcare.

[Mad_Machine76]

5. Money well spent

at least by them I suppose.

[walkingman]

6. Crony capitalism is alive and doing quite well.....as usual.

[spooky3]

7. We need to elect two more Democratic Senators. Nt

[JustAnotherGen]

31. This

Preferably two that will understand that Sinema sacrificed the middle class family of our in NJ four folks making $1M in interest in Kentucky

[bluestarone]

8. I know it's impossible, BUT

NO congress person should get any money from corporations, PERIOD!

[CurtEastPoint]

14. AGREED! If we only had PUBLICLY FUNDED ELECTIONS. No outside $ whatsoever.

[DENVERPOPS]

28. You can start

with REPEALING the "CITIZENS UNITED" decision that occurred in 2010 with a Supreme Court ruling..........

That ONE thing really opened the door to Corporate/Uber Rich Money corruption to a scale never seen before.............

[bluestarone]

52. EXACTLY!

Plus they knew that decision would provide BILLIONS of dollars in donations! I really would like to see our BILLIONAIRE friends, help us MORE this year than ever! It's NOW or NEVER, in 22 and 24!!!

[DENVERPOPS]

53. It is now

It is now in 2022.......If they take control of Senate and or House, the 2024 election will be a joke.

You must not forget that "OUR" zillionaires got just as big a cut in taxes as THEIR zillionaires.

Hell, they could at least given us the amount they got from Trump's tax cuts.....

Then again, several of OUR Dem Zillionaires had associations with Epstein also....and now they are probably just laying low.........

[Thrill]

9. She really played her supporters. Turned out to be nothing

Nothing like the Senator they thought she would be.

[ChazInAz]

29. I'm furious with her.

I helped out with her GOTV drive, knocked on doors, manned phones for her campaign, only to find out that she was a cuckoo sneaked into our Democratic nest.

[sarcasmo]

10. Always follow the money.

[IronLionZion]

11. They saved millions for that $500K investment

I wish politicians weren't so easily bought.

[liberalla]

15. My thoughts exactly! She sold us out for a measly $500,000? I'm insulted.

It was worth a lot more than that.

But heh, a few more feathers for her nest...

Pissed, I am!

[DENVERPOPS]

24. Half a million here,

Half a million there, pretty soon you're talking about some real money.........

U.S. House and Senate Republicans, the best government money can buy..........................

We all need to remember ONE single thing. This giant, never ending horrific nightmare exists because the
United State Senate Republicans did absolutely nothing to stop Trump, and in fact for 4+ years have endorsed Trump and enabled him in every way they could to continue the rampage of the U.S. Citizens, the Constitution, and Rules of Law and Order.

THE SENATE REPUBLICANS COULD HAVE DONE SOMETHING, REGARDING TRUMP'S LAWLESS PRESIDENCY, ON ANY DAY FOR FOUR YEARS AND THEY DIDN'T DO A FUCKING THING..........!!!!!!!!!!!!

THIS TRUMP/REPUBLICAN PARTY/REPUBLICAN SENATE MALIGNANCY CORRUPTLY MULTIPLIED INCREDIBLY WITH EACH AND EVERY DAY..............

[liberalla]

33. Your final, capitalized two sentences say it perfectly. I'm in agreement. The monster they

created, they could not control. The ride had to keep going. What weak little shits they are.

That's why Liz Cheney is looking so strong and principled right now.

[Oldtimeralso]

12. I Think that our representatives should be required to wear when they are on Capitol property

Or while campaigning a NASCAR style driver's suit that lists all of their sponsors.

[Pinback]

44. Great idea, and font size corresponding to the amount of graft

similar to the way the frequency of a term is portrayed in a word cloud.

[Obvious85]

16. Can Someone Tell me - Can that money only be used for her campaign

Or does she get to use that money personally? I am not clear on the laws/rules on this

[DENVERPOPS]

25. LOL

The Republicans don't seem to care if it is illegal or not, haven't you noticed??????????

Some guy, in the 1700's said: "Democracy will work until groups figure out that they can vote themselves money...."

[drray23]

32. obviously it's not for personal use

if it's for her PAC she can't just pocket the money. That would send her to prison like some members of congress in the past.

[Oldtimeralso]

54. Didn't the mango moron use PAC money...

To payoff his mistresses? I thought his attorney even admitted that.

[RANDYWILDMAN]

18. She never had a spine

don't pretend like she has one now.

we always knew she was jelly fish.

Our system is not broken, but it's close....This is a modern day bribe.

[Iggo]

19. Because of course she did.

In keeping with my new policy of only saying nice things about that particular senator…

Yay, Sinema! She’s the best!

[Mr. Sparkle]

21. Reporters should keep on asking her and her staff why she wanted that provision taken out

I'd like to hear her try to rationalize removing the carried interest loophole

[Picaro]

26. How is this not "quid pro quo"?

Sure looks like a bribe to me.

Oh, I’m sorry. Citizens United made that money free speech.

[dchill]

27. The hand out gets the handout. No doubt.

[drray23]

30. she does not care if she does not get reelected

She has secured a job in an hedge fund as soon as she gets out of congress. They will put her on the board or create some position fir her.

[duforsure]

35. Its a bribe.

She's corrupt.

[Dustlawyer]

41. Quid pro quo right there! FBI? DOJ?

We have to all demand Publicly Funded Elections! This is why we cannot have nice things!

[FBaggins]

43. Wrong Latin phrase

Post hoc ergo propter hoc does not demonstrate quid pro quo.

[Dustlawyer]

48. Res Ipsa Loquiter?

[onecaliberal]

46. Wow, a pitance. We need to elect a real dem to that seat.

[gratuitous]

47. Did the Republican Senators get half a million, too?

Or did they sell out too cheaply? Gotta learn to negotiate harder if you're going to make your corruption worthwhile, boys. Oh, and you big finance boyz? Save your nickels and dimes, because as soon as her vote isn't required anymore, Sen. Sinema isn't going to be there to save your pampered fannies, and you're going to have to pay your fair share for this country that has made you so fabulously wealthy.