“Every developed country in the world helps to encourage their manufacturers to make more investments,” he said. “And here we are, less than a week later, saying, ‘you know what? We’ve changed our minds’?”
Sinema praised the corporate minimum tax last year when it was introduced in the Senate, without endorsing specifics. She was involved in the development of the proposal, but that was before inflation shot up and the threat of a recession materialized.
The changes Sinema is seeking could end up shaving tens of billions -- or more -- of revenue from the bill. That would likely mean that Democrats would have to cut into some of the roughly $300 billion worth of deficit reduction in the bill or trim some of the spending on climate and health initiatives.
Getting rid of the carried interest provision would only cut $13 billion from the $739 billion revenue expected to be raised by the package. The minimum corporate tax at 15%, however, is the biggest revenue generator in the bill, estimated at about $313 billion.
--With assistance from Steven T. Dennis.
This article was provided by Bloomberg News.