U.S. Senators Joe Manchin and Kyrsten Sinema celebrated blocking a key change while on stage at the World Economic Forum in Davos, Switzerland. They slapped hands over filibuster reform but could well have done so for a different stonewalling.
They prevented the elimination of private equity's preferred "carried interest" taxation to the benefit of many billionaire founders.
Both senators have outstanding employment prospects post Congressional service. I expect Sinema to land at a politically connected private equity underwriter for catering to the billionaire boys.
Update 1-24-23: Sinema is fresh from attending the World Inequality Forum in Davos and rubbing elbows with the billion class. It turns out the PEU boys were very generous with the Independent Senator after she saved their preferred taxation.
Senator Krysten Sinema received at least $526,000 from donors in the private equity, hedge fund, and venture capital industries after killing a bill closing tax loopholes for private equity.
It sounds like the bidding has already started for her future services.
Sinema may have missed the call for taxing the super wealthy by Patriotic Millionaires at Davos.
“Extreme wealth is eating our world alive,” said Abigail Disney in a press release. “It is undermining our democracies, destabilizing our economies, and destroying our climate. But for all their talk about solving the world’s problems, the attendees of Davos refuse to discuss the only thing that can make a real impact—taxing the rich.”
