Sinema received nearly $1 million from Wall Street while killing tax hike on investors
www.pbs.org
Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan.

At first sight, the decision to insist on keeping a provision that benefits some of America’s wealthiest people seems a far cry from the concerns of voters in Sinema’s southwestern home state of Arizona.

However an FT analysis shows that the senator is a beneficiary of significant contributions from the private equity industry — whose lobbying machine and political influence have grown increasingly powerful over the past two decades.

Source: The Financial Times

Other sources:

https://theintercept.com/2021/09/26/kyrsten-sinema-private-equity-tax-loophole/

https://www.cnbc.com/2023/02/02/kyrsten-sinema-gets-wall-street-real-estate-support-ahead-of-2024-election.html

  • GrammarPolice
    1·
    7 months ago

    I’m very confused why Americans don’t realize the fact that their democracy is basically non existent.

    System Justification Theory explains this well. People support existing structures as a way of limiting cognitive stress. Political conservatism (and I don’t just mean this in the American sense) is also a defining cause of this. This can manifest as general apprehension towards radical systemic/social change.

    • arbitrary_sarcasm
      1·
      7 months ago

      But this isn’t something that has existed for a long time. This has only become an issue since citizens united vs FEC in 2005