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How Private Equity Lobbying Watered Down the Corporate Minimum Tax

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WASHINGTON — An hour after Democrats released the text of their climate and tax legislation, Washington lobbyists for the private equity industry sprang into action.With a final Senate vote nearing on the major package on Sunday, a late addition would have subjected companies controlled by private investment funds to a new 15 percent corporate minimum tax in the legislation that was supposed to apply to America’s biggest corporations.But a last-minute mobilization of political muscle and direct pleas to Senator Kyrsten Sinema, the Arizona Democrat who opposes tax increases and is sympathetic to private equity, got the measure scrapped. The blitz was emblematic of the messy nature of tax policymaking and how policies meant to curb tax avoidance can spring new carve-outs on the fly.The iss …

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