The Blubber

Per More Perfect Union

Senator Krysten Sinema has reportedly shut down a bill that would have effectively closed private equity tax loopholes. Shortly after, she received over half a million in donations from big money.

Senator Sinema received $526,000 in donations from hedge funds, private equity, and venture capital. The donations were given by ten employees that come from the private equity firm whose owner reportedly had direct connections to her.

The report highlighted the relationship between Senator Sinema and the employees that donated. The bill would have made it harder for lower taxes to be paid by investment managers.

"Sen. Kyrsten Sinema (I-Ariz.) received donations from 10 employees of the private equity firm whose co-founder owns the winery where she was an intern."

The Senator noted that the provision that would have resulted in executives having to pay $14 billion over the span of ten years would be removed. She said that if it wasn't removed, she wouldn't vote for the bill.

Sinema was paid $1,117 in the summer of 2020 for her work as an intern at the Three Sticks winery. During that same summer, she held a fundraiser at the winery.

On October 26, her leadership PAC, "Getting Stuff Done," disclosed that a bill was paid to Three Sticks Wines.

The bill was reportedly for an "event catering," and before making the payment, the Senator's joint fundraising committee reported receiving amounts from specific donors. One was from private equity and hedge fund industry donors totaling $41,000.

Another $35,00o in donations came from employees of TGP Captial, a Texas-based firm that had ties with the Three Sticks winery mentioned earlier.

"Three Sticks is owned by Bill Price, one of the three co-founders and a partner emeritus at TPG."

In total, TGP employees donated $46,400, which includes the following.

• Hana Davis - Fort Worth-based partner
• Jon Winkelried - CEO
• Brad Berenson - general counsel
• Todd Sisitsky - board president

In total, she received $526,000 in donations shortly after her statement. This comes at a time when American billionaires lost $660 billion in 2022, and the Republicans are voting on a bill that would eliminate income tax by abolishing the IRS.

See flow at unusualwhales.com/flow.

Other News:

• Global Billionaires Lost Almost $2 Trillion in 2022: American Billionaires Lost $660 Billion
• House Republicans to vote on bill abolishing IRS, eliminating income tax

Resources:

More Perfect Union