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Sinema Signs Off On Inflation Reduction Act - YouTube
Channel: MSNBC
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breaking news tonight from capitol hill
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where it appears there is a deal on the
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inflation reduction act that even
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kirsten cinema is satisfied with what is
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not in it
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closing the carried interest loophole
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which allows the richest of the rich
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private equity giants to pay less taxes
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than the rest of us so let's bring in
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leanne caldwell the author of the
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washington post early202 and she's now
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got a brand new newsletter to write
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tonight leanne let's put carried
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interest over to the side for a moment
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this thing is a big big win for
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democrats isn't it
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it absolutely is this is something that
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after it fell apart months and months
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ago that no one thought it was coming
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back there was some talk that perhaps
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they would get something and then a deal
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last week with senator manchin and
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senator schumer shocked the political
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world especially everyone on capitol
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hill and senator cinema was the last
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outstanding issue they had been working
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furiously to get her on the board uh for
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the past week because she was not
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involved in those previous negotiations
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and now that she's on board this really
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looks like it's going to pass and this
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is going to be the most expansive the
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biggest investment and climate change
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proposals this country has ever seen
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there's a lot of health care priorities
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that are in this that are going to help
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seniors especially
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but there's still some obstacles here so
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you can't spike the football yet but if
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democrats get this done this is huge for
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the midterm elections and huge for the
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biden agenda
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all right but let's bring back this
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carried interest issue because
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preserving this loophole does absolutely
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nothing to help the people of the state
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of arizona the only people who are
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celebrating this
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are really rich private equity guys who
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are on mega yachts on the mediterranean
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tonight
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by preserving this loophole does this
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not say to the american people yes big
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donors dictate policy
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yeah it's really
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difficult to understand the politics
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that senator cinema is putting forward
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here regarding ensuring that this
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loophole is not closed you know
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as far as democrats are concerned
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taxing the rich is still politically
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popular even though republicans are
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trying to hammer democrats saying that
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they are going to raise taxes
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well most americans anyway even a lot of
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independent voters think that
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taxing the rich is okay
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um but you know senator cinema has been
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adamant about this from the beginning of
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these negotiations she's been adamant on
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not raising the corporate tax rate above
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21 where it's at now that's not in this
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legislation in large part because of
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senator cinema and so she really is
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bucking the party here on many of her
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tax policies but they were able to come
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to some sort of agreement but this
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loophole is still going to be open stuff
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and it is not about additional taxes for
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the rich when it comes to carried
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interest it's simply asking them to pay
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the same thing everyone else does leanne
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i know you got to go work on that
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newsletter so we will leave it there and
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dig deeper now with michael steele
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former rnc chairman and former
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lieutenant governor of maryland and
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steve israel former new york congressman
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now director of cornell university's
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institute of politics and global affairs
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steve what's your response to this deal
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a very big win for president biden
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well it's a huge win and also well timed
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we are 95 days away from the midterm
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elections tough environment for
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democrats august recess
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is actually started now the house will
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be called back next week to vote on the
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senate bill assuming it passes august is
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the time when members are out in their
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districts they've got to have a message
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the message has to reflect that we're
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making progress on the economy now they
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have that message again assuming the
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bill passes nothing could be more
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important to the democrats chances of
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retaining the majority in the senate
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and if not retaining the majority in the
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house at least closing the gap than the
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passage of this bill
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michael your take governing is about
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choices and they made a choice tonight
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they did and uh look it was a great
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effort i'm sure there was a lot of face
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time between cinema and mansion um to to
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carve out what was necessary to get this
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done it is a big deal um this is this
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close to the election uh the republicans
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now are going to have to find another
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layer of messaging uh to to go to the
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the country with is not enough to say oh
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you know they want to raise your taxes
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they want to do all these bad things
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because in this deal are some things
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that a lot of americans want to see
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happen um it's not just a you know
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left-wing agenda there are some really
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common sense things around health care
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and certainly the environment that
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people appreciate so it's a this is a
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big deal for the biden administration
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now here's the rub here's the rub
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how can they sell it how well do they
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sell it
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how do they make the case
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how do they send it home
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how did they get the candidates running
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in these whacked out districts with
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these whacked out republican candidates
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on the defensive when they want to talk
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about all kinds of crazy conspiracies
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democrats now can look at those
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candidates and go okay let crazy do
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crazy in the corner
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what we've done is we've provided your
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family and your community and our state
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an opportunity to move forward so it's
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going to be very interesting to see how
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they craft that message uh on this very
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very significant opportunity and win
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steve uh joe manchin is often uh the
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target of a lot of anger from other
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democrats around the country but getting
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something like this through leading it
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the fact that joe manchin a wildly
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unpopular guy among a lot of his
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colleagues who represents as a democrat
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the reddest of red states
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might he be you know just
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the secret weapon for democrats in the
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end
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well look i i know joe manchin well i
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served with him he's a friend full
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disclosure
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not only with joe manchin but with so
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many members of congress it ain't over
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till it's over uh and you are only as
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unpopular
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as it takes to do something like joe
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manchin did and senator cinema to make
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you popular again
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most people knew that when
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reconciliation was pronounced dead that
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the obituary was premature that there
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was still time to get this done that
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there would be extra innings
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now that we are and the time frame uh
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for that was really where we are now
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democrats could not afford to go home in
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august without messaging to michael's
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point now they have the message they
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have the bill they have policy solutions
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uh and joe manchin did come through for
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them at the end of the day
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michael since you are already on the
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crazy beat tonight let's talk
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republicans because while democrats are
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addressing inflation
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the autocratic leader of hungary was
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riling up conservatives down in dallas
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texas at the cpac conference today
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here's a bit and it it pains me to even
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air him speaking but a bit of what he
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had to say
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politics
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my friend are not enough
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this war
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is a culture war
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the globalist can all go to hell i have
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come to texas
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[Applause]
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you hear that cheering it didn't stop
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there he touched on several issues now
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central to conservatives immigration
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homosexuality and support for russia
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they can't possibly say who was this guy
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didn't know him there he was in dallas
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getting cheered on
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is this who the republican party is
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today yes yeah i think we just need to
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stop beating around the bush and
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understand what our what our reality is
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here
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when a lot of people want to do a
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one-off and say well it's cpac and cpac
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has kind of always been a little bit
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quirky
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cpac launched the
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opportunity okay hold on hold on
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people can just get around that oh
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they're just quirky
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yes
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yes come on you've heard that i mean
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people say that stuff all the time
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that's how they do the one off on cpap
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oh you know they they're just they're
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the young republicans and they're kind
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of spitfire and they're a little bit a
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little bit of this a little bit that but
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that was not always the case
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um and so when you you don't see
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the ronald reagan's and the and the
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george bush's and and and the leadership
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of the party
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going there flocking there setting the
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tone and carrying a message uh to the
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country what you see now is a bunch of
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fruit loops uh in a room uh just
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cheering each other on and now embracing
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authoritarianism which is antithetical
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to everything reagan and and and
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republicans have said they stood for so
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yeah we're down you know we've crossed
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the rubicon so what's next what's next
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is going to be what this upcoming
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election is about because i'm looking
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america in the eye and i'm telling you
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i'm telling you
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right what you hear in texas
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is coming to a community near you it is
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coming to a state near you it is going
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to be a natural part of the ethos and
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the and the the noise we hear in this
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country if you don't get a grip on this
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now don't just think this is a
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republican part problem because it is
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not exclusively republican all right so
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the reality is out there that we all
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need to guard against this authoritarian
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effort that is yes born out of the
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republican party unfortunately but it is
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but it's now incumbent on the rest of us
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my friend steve and others to lock arms
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together and create a united front
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against this autocratic bs
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because it is not american it is
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certainly not conservative
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then steve you ran the d triple c how
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did democrats sound the alarm and
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message against this the average
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american doesn't know who orban is they
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might not even know anything about cpac
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but to michael's point this conversation
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this these politics
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they're coming to a community near you
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exactly exactly michael is so right and
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ronald reagan has to be spinning in his
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grave
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at the prospect of of
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the conservative movement that used to
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be the bulwark against tyranny in the
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world giving the stage to a tyrant who
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endorses and supports vladimir putin
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and engages in the kind of invective
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that the nazis engaged in in the 1930s
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and 1940.
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my producer is yelling that we have to
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go but i can't i have to interrupt you
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this argument ronald reagan must be
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spinning in his grave baloney there are
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republicans in congress right now saying
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nothing what is mitt romney saying about
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this absolutely nothing what is former
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president george w bush saying about
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this absolutely nothing so hearing this
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like ronald reagan would be devastated
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where are the living breathing
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republicans today who subscribe to
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ronald reagan politics warning this
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country you can liz cheney and maybe
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eight others
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yeah
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what do you say what
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what he said
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yeah all right that's about right what
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he said mitt romney i'm looking at you
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michael steele steve israel thank you
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for joining tonight
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[Music]
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you
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