Senate Majority Leader Charles Schumer (D-N.Y.) says he had no choice but to remove a provision closing the so-called carried interest tax loophole for money managers from his climate and tax reform bill because Sen. Kyrsten Sinema (D-Ariz.) threatened to block the legislation otherwise. Dropping the carried interest tax provision from the Inflation Reduction Act cost $14 billion in projected revenue but Schumer made up for it by adding an excise tax on stock buybacks that will generate $74 billion in revenue. Schumer told reporters that he pushed hard to close the carried interest tax loophole, which allows asset managers to pay a lower effective income tax rate than many middle-
Hence then, the article about schumer defends dropping carried interest tax change to win over sinema was published today ( ) and is available onThe Hill ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Schumer defends dropping carried interest tax change to win over Sinema )