Vision-Language Models (VLMs) are pretrained on large, diverse, and noisy web-crawled datasets. This underscores the critical need for dataset pruning, as the quality of these datasets is strongly correlated with the performance of VLMs on downstream tasks. Using CLIPScore from a pretrained model to only train models using highly-aligned samples is one of the most successful methods for pruning.We argue that this approach suffers from multiple limitations including: 1) false positives due to spurious correlations captured by the pretrained CLIP model, 2) false negatives due to poor discrimination between hard and bad samples, and 3) biased ranking towards samples similar to the pretrained CLIP dataset. We propose a pruning method, SIEVE, that employs synthetic captions generated by image-captioning models pretrained on small, diverse, and well-aligned image-text pairs to evaluate the alignment of noisy image-text pairs. To bridge the gap between the limited diversity of generated captions and the high diversity of alternative text (alt-text), we estimate the semantic textual similarity in the embedding space of a language model pretrained on billions of sentences. Using DataComp, a multimodal dataset filtering benchmark, we achieve state-of-the-art performance on the large scale pool, and competitive results on the medium scale pool, surpassing CLIPScore-based filtering by 1.7% and 2.6% on average, on 38 downstream tasks.