Obama Promises to Veto Pending Deal on Major Business Tax Breaks

[n2doc]

WASHINGTON — President Obama promised Tuesday to veto an emerging package of permanent tax breaks for businesses, mustering Democratic opposition and setting back negotiators who were nearing accord on a suite of tax cuts worth $440 billion over 10 years.

“The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” said Jennifer Friedman, a White House spokeswoman.

The deal, negotiated by House Republicans and aides to Senator Harry Reid of Nevada, the majority leader, showed how much power has shifted since the Republican election victories early this month. White House officials said the package was heavily tilted toward corporations and will have deep repercussions for budget and tax negotiations far into the future.

But it also showed how Mr. Obama still can wield his authority. A veto would be the third and by far the most significant of Mr. Obama’s presidency. His threat sent negotiators back to the table to see if Republicans could add measures that would win liberal support, especially a permanently expanded child tax credit for the working poor.

more

http://www.nytimes.com/2014/11/26/business/congress-nears-deal-on-major-business-tax-breaks.html?_r=1


This 'deal' really sucks Koch

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.

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

[Ykcutnek]

1. Thanks, Mr. President. nt

[GeorgeGist]

2. Thanks. Obama.

[Gothmog]

3. This package needs to be vetoed

[geek tragedy]

4. Thank you, Obama, and screw you Reid. nt

[BumRushDaShow]

5. Buh buh buh

Obama is corpothirdwaydlcfacist!!! That's what DU says.

[Cha]

6. Yeah, Blame Obama First! But, where are they when he's vowed to VETO something like this?

BRDS

[BumRushDaShow]

7. MIA as usual

Cha

[Cha]

11. Oh we got one down here who thinks the President is "doing the bare minimum"..

whatever.. ignorance is rampant on the internet.

But, there's also a lot of Good.. BRDS

[theaocp]

8. Glad he's doing the bare minimum.

Not sure how that's "change", but whatever helps you sleep at night. Good for him.

[Cha]

9. "The bare minimum".. shows you know nothing about it.

[stupidicus]

14. indeed, that's all it takes to keep the hope he changes type on board

it kinda reminds me of the alleged lefties I know that claim most righties are "good people" just because they satisfy the minimal societal expectations like loving their family and friends, and sometimes puppies and kittens too.

Of course he has to veto something like that, or the gig would be up/the illusion shattered for the millions still enamored... http://truth-out.org/opinion/item/27649-obama-s-feet-to-the-fire-not-likely-not-ever

ANd if this story is "true" as comveyed, then where's the outrage at Reid, etc, that should accompany it? Does it confirm or deny the "thirdway" charge for them?

[AllyCat]

10. So glad he is our President.

[rhett o rick]

12. I don't understand the cheering before the touchdown. This is a promise.

As we all have seen, sometimes he finds excuses to go back on his promises.

I bet if the conservatives, including Reid and other DEmocrats sweeten the deal, maybe adding a Chained CPI for SS, he might reconsider.

Looks to me like the Conservative Democrats are loving this new Conservative mandate.

[RBInMaine]

13. Thanks for the TeaLeftist rant. It's helping fall asleep.

[rhett o rick]

15. Your insults aside I want the same results as you. But I am reluctant to trust that

Lucy won't pull the ball out again. I will gladly cheer if he does as he says.

[cheapdate]

17. Yes, the president fought hard for chained CPI

but the Republicans foiled him.

[woo me with science]

18. This is the new propaganda MO. We never get actual change for the better.

So, to create opportunities for cheering our corporate party, a new THREAT is held against our throats, often CREATED by the same corporate Democrats who pretend to represent us...

Then we are urged to cheer when the threat is either withheld, or a promise is made to withhold it.

Oily stuff, indeed.

[rhett o rick]

19. Sadly some have learned to settle for a promise. I guess they feel it's better than nothing.

Their standards are so low. The president promised transparency in government and yet is stonewalling the report on torture. He is protecting the war criminals.

[woo me with science]

20. We've seriously reached a point of, "The chocolate ration has been increased."

There is constant cheering from our corporate government's propaganda machine, but the policies never do anything but stay the same or get worse.

[grahamhgreen]

16. Yay