Harry Reid preps deal to lock in big business tax cuts and screw over middle class

[Veilex]

Harry Reid... hero of the middle class? Doesn't look that way.

Would Harry Reid's last big act as majority leader for the next two years be to screw over the middle class to help out business? If ThinkProgress's sources are right, that's what could be happening. Igor Volksy writes that sources tell TP that Reid has negotiated an agreement with House Republicans that would end some tax breaks for the middle class and make some tax breaks for corporations permanent.

Under the terms of the $444 billion agreement, lawmakers would phase out all tax breaks for clean energy and wind energy but would maintain fossil fuel subsidies. Expanded eligibility for the Earned Income Tax Credit and the Child Tax Credit would also end in 2017, even though the Center for Budget and Policy Priorities estimates that allowing the provisions to expire would push "16 million people in low-income working families, including 8 million children into—or deeper into—poverty." The proposal would help students pay for college by making permanent the American Permanent Opportunity Tax Credit, a Democratic priority.
Meanwhile, two-thirds of the package would make permanent tax provisions that are intended to help businesses, including a research and development credit, small business expensing, and a reduction in the S-Corp recognition period for built-in gains tax.
To top it all off? "The costs of the package will not be offset." Disaster relief? Has to be offset. Tax breaks to corporations and war? Don't need to be offset.
Lending credence to this story is the fact that Treasury Secretary Jacob Lew has "expressed concern about the direction of the discussions," saying "[a]ny deal on tax extenders must ensure that the economic benefits are broadly shared," and that any agreement "is fiscally responsible and extends critical tax benefits for working families."

http://www.dailykos.com/story/2014/11/25/1347464/-Reid-in-talks-on-tax-package-ending-breaks-for-middle-class-extending-some-for-nbsp-business?detail=facebook

[global1]

1. I Find This Hard To Believe....

what's in it for Harry?

[Veilex]

2. Not entirely sure...but I also came cross these articles:

WASHINGTON -- Senate Majority Leader Harry Reid (D-Nev.) said Thursday that he has urged President Barack Obama not to take any executive action on immigration until December, amid threats from Republicans that such a move could derail funding for the government.

"The president has said he's going to do the executive action -- the question is when he can do it. It's up to him," Reid told reporters on Capitol Hill. "I'd like to get the finances of this country out of the way before he does it."

Reid added that he has expressed his view to Obama, but ultimately "it's up to him."

Obama could take executive action on immigration -- potentially giving deportation relief to millions of undocumented immigrants -- as early as next week, according to reports. Republicans have said it would be a major overreach of his authority, "poisoning the well" for future immigration reform. But they have also indicated it could lead to a government shutdown, should GOP members insist that defunding the new policies be part of the must-pass funding bill.

http://www.huffingtonpost.com/2014/11/13/harry-reid-obama-immigration_n_6153796.html

and

WASHINGTON (AP) — Senate Republicans, riding high after capturing the majority, said Wednesday that a top priority in 2016 will be defeating Democratic leader Harry Reid.

"It's not just about being in the majority, it's about expanding the majority at this point," Sen. Dean Heller, R-Nev., told reporters. "We'll do whatever it takes to make that happen."

Heller, who is seeking the chairmanship of the National Republican Senatorial Committee, said the effort would be "just business."

http://www.huffingtonpost.com/2014/11/12/gop-harry-reid-2016_n_6145632.html

Might not be connected in any way shape or form... course, pigs could fly too given the right equipment...

[CurtEastPoint]

3. Jesus. "phase out all tax breaks for clean/wind energy but maintain fossil fuel subsidies."

LIKE THEY NEED IT!

FUCK THIS!

[Bandit]

4. I would certainly hope a VETO would be forthcoming

If not I would find it almost impossible to vote for a Democrat again.

[Cali_Democrat]

6. Obama promises to veto....

http://www.democraticunderground.com/10025870255

[Veilex]

7. I can tell I've been on facebook too much as of late...

I was looking for the "like" button. +1

[Wellstone ruled]

5. Old Harry is showing his true Corportist Colors

Sixteen million dumped back into abject poverty,looks like we have a third way push on our hands. These a----holes want to bring back the Bush Tax give away. Harry you already gave your Bud at the Casino his tax break before. BTW,your pals in the Mining Industry just shafted us big time now our schools are umteen billion in the hole. Time to go Harry.

[HereSince1628]

8. Maybe Sen Reid understands the reign of dem corporatists is threatened

and he wants to keep those connections to the DSCC open for future use.

[RiverLover]

9. Fake dems are everywhere. Not a proud moment for us.

And we are helpless to stop the destructive effects of climate change that we KNOW are happening. Even when we voted "D".

[FiveGoodMen]

12. "Well, I suppose you'd rather have <fill-in-the-blank>!"

That's how we got so many fake D's.

Certain parties are STILL playing that game here.

[JoePhilly]

10. Its not happening ...

This has been added to the ORIGINAL story at thinkprogress ...

The Wall Street Journal’s Damien Paletta reported on Twitter that the deal was falling apart and that a White House spokesperson said President Obama would veto it anyway. Sen. Reid’s office also contacted ThinkProgress and denied it “signed off” on any deal without commenting on the specifics of the story.

http://thinkprogress.org/economy/2014/11/25/3596971/congress-to-end-tax-breaks-for-middle-class-provide-permanent-relief-to-large-corporations/?preview=true

[RiverLover]

11. Well thank God for that. Thanks for linking the update, JoePhilly. ~nt

[Veilex]

13. I'd feel better about this if Reid's office stated he'd never go along with those sorts of

deals. Still, I guess a small win is still a win, right?

Thanks for the update JoePhilly.

[JoePhilly]

15. I'm always skpetical of sources being referenced third or 4th hand.

... Kos says that thinkprogress says, that reputable (unnamed) sources say, that Reid says ....

Many a DU combustible-hair-club" meeting starts this way.

For all we know, a GOP staffer, gave a Reid staffer a proposal, and that Reid staffer said, "we'll consider it".

And we're off to the races.

And in all probability, no one who posted above me in this thread who was pissed at the "corporate shill Reid", will ever see what I posted, or the actual thinkprogresses update.

As far as they are concerned ... Reid made the deal.

[Veilex]

17. "Many a DU combustible-hair-club" meeting starts this way"

Good point.

[aspirant]

14. What does this say about Warren's new position of power

[JoePhilly]

16. Nothing, because its not happening.

[Odin2005]

18. Fuck you, too, Harry!