With Sinema’s help, private equity firms win relief from proposed tax hikes

The package proposes hundreds of billions of dollars in fresh spending, financed in part through new taxes, including a corporate minimum tax that would require firms with more than $1 billion in annual profits to pay a tax rate of at least 15%. As originally written, the provision would have required private equity firms to tally profits from their various holdings and pay the tax if the total exceeded the $1 billion threshold.

Sinema, who for over a year has blocked Democratic ambitions to raise taxes, raised objections on Saturday, according to two people with knowledge of the matter, who spoke on the condition of anonymity to discuss private talks.