Opinion | The 'Carried Interest' Loophole in the Age of Manchinema

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Opinion | The 'Carried Interest' Loophole in the Age of Manchinema
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'If there's one thing Sinema loves more than Wall Street dollars, it's national media attention.'

" by the Washington press corps as the two blocked much of Biden's agenda). It's the Democrats' last chance for a large package—Manchin has agreed to $790 billion—on the climate and healthcare, financed by a tax increase on the rich and big corporations.It has been said that the word"politics" is derived from the Latin"poli," meaning"many," and"tics," small blood-sucking insects. I don't hold such a cynical view.

Yesterday, Manchin made the rounds of every Sunday talk show—doing what's known as a"full Ginsburg" . Record-keepers note that Manchin is only the 31st newsmaker to have accomplished this feat, but purists dispute his accomplishment because Manchin appeared remotely.One interesting sidebar: When Manchin was asked by"Meet the Press" host Chuck Todd whether he wanted Democrats to keep control of the House and Senate after the midterms, Manchin declined to answer.

Which brings me to Kristyn Sinema—who uses the pronoun"I" perhaps more frequently than any other contemporary politician. ,"if it didn't give everyone the opportunity to make moral compromises?" Sinema seems to relish that opportunity. Although not up for reelection until 2024, she is one of the senate's major recipients of Wall Street cash . She has obliged by, among other things, refusing to close the so-called"carried interest" tax loophole that mostly benefits private-equity investors and hedge fund managers by treating their pay as capital gains rather than as ordinary income —even though their payBy contrast, Manchin wants to close the loophole—or nearly so.

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