• FACT: Kyrsten Sinema intervened at the last minute to save a special tax loophole for Wall Street in the Inflation Reduction Act. 
• FACT: The carried interest loophole primarily benefits private equity fund managers and has been widely criticized by both Democrats and Republicans. This loophole is an $18 BILLION per year gift to Wall Street. 
• FACT: Kyrsten Sinema has taken MILLIONS in campaign contributions from Wall Street – including $1 million in the 2021-2022 campaign cycle. 

HEADLINES

• ASSOCIATED PRESS: Sinema took Wall Street money while killing tax on investors
• NBC NEWS: Kyrsten Sinema delivers a 'gift to private equity' in Democrats' big agenda bill
• FINANCIAL TIMES: Kyrsten Sinema is significant beneficiary of private equity lobbying machine
• CNBC: Schumer says Sinema left ‘no choice’ but to cut carried interest provision from tax and climate bill
• FOX NEWS: Sinema among top private equity cash recipients as she removed billionaire tax loophole from Manchin bill
• INSIDER: Kyrsten Sinema ensured a $14 billion tax break for private equity, hedge fund, and real estate executives remains intact. It's a win for many of her campaign donors.
• CNBC: How Wall Street wooed Sen. Kyrsten Sinema and preserved its multibillion-dollar carried interest tax break
• NEW YORK TIMES: Sinema’s Puzzling Defense of the Carried Interest Loophole

Sinema and the Carried Interest Loophole

The carried interest loophole has drawn criticism from both sides of the aisle. Carried interest is the share of investment profits that goes to investment managers – and is taxed well below the rate assessed on ordinary income. Democrats and Republicans have called the loophole an unfair tax break and both parties have attempted to close it. According to Americans for Financial Reform, private equity managers and others who gain from the loophole benefit “to the tune of up to $18 billion annually.” The Congressional Budget Office have said that closing the loophole would raise $14 billion over 10 years.

Wall Street has fought tooth and nail to preserve the carried interest loophole, and focused particularly on “wooing” Kyrsten Sinema, who they have showered with political contributions. Media outlets credited Sinema with saving the tax break and delivering a “gift” to Wall Street.

Sinema's Wall Street Donations 

During the 2021-2022 cycle, Sinema has raised over $970,000 from Wall Street. Analysis of federal campaign finance records showed that Wall Street executives, employees, and PACs gave at least $971,922.69 to Sinema’s campaign committee and leadership PAC. According to Open Secrets, Sinema has raised over $2.7 million from Wall Street over the course of her career.

More detailed information about Sinema's donations from Wall Street can be viewed here.