MSNBC’s Jake Sherman Finds It ‘Quite Rich’ Biden and Democrats Aren’t Closing Tax Loophole

MSNBC contributor and Punchbowl News co-founder Jake Sherman said on Friday he finds it ironically “quite rich” that Democrats aren’t closing a specific tax loophole.

When asked by MSNBC’s Jose Diaz-Balart wberethe Inflation Reduction Act would have a big impact on Americans, Sherman said it would “in a lot of ways.”

“Corporations are going to have to — corporations that have more than $1 billion in profit — are going to have to pay a 15 percent minimum tax. That’s a big change Democrats say to corporations that do not pay enough taxes in their estimation,” said Sherman. “This includes Medicare is going to be able to negotiate drug prices, another big win for the Biden administration that they say will lower drug prices. There’s additional drought relief. There’s a whole host of things that Democrats have been really wanting to do, including climate change provisions, important climate change provisions.”

Sherman went on to criticize the bill.

“But just the irony is quite rich here … in that Democrats, a Democratic Congress, Democratic House, Democratic Senate and Democratic White House, is not closing this loophole, the carried interest loophole, which allows hedge fund managers and other wealthy private equity managers, mutual fund managers, allows them to pay a lower rate, a 20 percent rate as opposed to a top rate of 36 percent on that income,” he said.

“But altogether, you put this together, you put the jobs numbers together, and it’s a pretty good picture for this administration despite the fact that President Biden’s approval ratings are in the 30s.”

Watch above, via MSNBC.