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Vermont Sen. Bernie Sanders, an independent, and Massachusetts Democratic Sen. Elizabeth Warren, who have a history of knocking financial “loopholes” used by wealthy individuals and corporations, are set to vote on the Inflation Reduction Act after the measure’s carried interest tax provision that targeted billionaires was removed.
The social spending and tax measure — which is largely scaled back from the initial $3 trillion-plus “Build Back Better” bill — spends $433 billion and would raise $739 billion in revenue, according to Democrats. It is expected to rapidly pass through the Senate after Sen. Kyrsten Sinema, D-Ariz., lobbied to remove the provision as part of her agreement to back the bill.
While both Sanders and Warren are likely to vote in favor of the legislation, announced last week by West Virginia Democratic Sen. Joe Manchin and Senate Majority Leader Chuck Schumer, the pair of progressive senators have repeatedly criticized tax loopholes over the years that are used by wealthy Americans, including the carried interest loophole.
In 2015, Sanders and Warren, along with six others, originally co-sponsored the Carried Interest Fairness Act, a measure introduced in the Senate that would have closed the carried interest loophole.