Obama Promises to Veto Pending Deal on Major Business Tax Breaks

[NeoConsSuck]

Source: NY Times

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.

Read more: http://www.nytimes.com/2014/11/26/business/congress-nears-deal-on-major-business-tax-breaks.html

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Still grateful Obama is my president. Wonder if HRC would have vetoed this?

[BeyondGeography]

1. This idea brought to you by stuck-on-stupid

Aftertax profits are already at record highs, wages have declined:

http://www.nytimes.com/2014/04/05/business/economy/corporate-profits-grow-ever-larger-as-slice-of-economy-as-wages-slide.html?_r=1

[jwirr]

2. Good.

[Scuba]

3. "Harry Reid of Nevada, the majority leader, showed how much power has shifted ..."

Thanks Harry, for giving up the store at the first possible opportunity. Some fighter.

[Agnosticsherbet]

6. Harry did not give up the story, this is bussiness as usual.

[onehandle]

4. Nothin' to lose. nt

[Agnosticsherbet]

5. Yes, I think she would.

I know it is de rigueur to assume that Hillary Clinton would be worse. Remember, this is the President that saw Wall Street and big banks create the worst economic disaster since the great depression, and allowed the bankers to be rewarded with bailouts.

It is nice to see him do something that is liberal. Of course, we will see what bone for the middle class they add to their bill and if he signs it then.

[cstanleytech]

7. Good, until a miniuim wage hike to 15 bucks an hour as well as a law that

includes an automatic cost of living hike for every hourly paid employee once a year who earns under $250,000 a years is passed he should tell the corporations to shove it up their ass.

[BootinUp]

8. Deficit Smefishit!

[Kelvin Mace]

9. Why do people keep insisting that Harry Reid

Is our friend?

[phantom power]

10. If Obama vetoes this piece of crap, he's my hero

[hatrack]

11. Where's this guy been for the past three years?

Not sure, but I like him!

[Grins]

12. Bah! There's a lot you can do with this.

Attach a cap-and-trade bill for reducing carbon dioxide emissions and it will be DOA.
Attach Bush's Dream Act and it will be DOA.
Attach a tax increase to pay for actions against ISIS, "Bush/Cheney's Wonderful Iraq/Afghanistan Adventures"™ and it will be DOA.
Attach a bill making tax inversions by multinational corporations illegal and it will be DOA.
Attach a bill banning American multinationals from paying their offshore subsidiaries royalties for the use of patents, logos and manufacturing techniques they already own and it will be DOA.
Attach a bill repealing the 1986 amendment that allowed companies to hold unlimited amounts of cash provided it was in offshore accounts and it will be DOA.
Attach a bill banning the carried interest tax deduction that allows hedge-fund/private-equity managers to pay 15% "capital gains" taxes (and watch conservative heads explode) and it will be DOA.
Attach a bill that has $50 billion dedicated to building a "smart" electrical grid and it will be DOA.
Attach a bill that has mega-billion, multi-year funding and a tax increase to pay for it, to repair the country's failed infrastructure and it will be DOA.

Make you own list. Democrat's hands are not tied. Their heads are.

[jmowreader]

13. I'm mad enough to bite the heads off nails over this shit

The Republicans have been telling us over the last six years the biggest threat to America is our (insert number) public debt. OMG the Chinese own America because of our (insert number) public debt. The dollar's going to collapse tomorrow! The world's going to come to an end! Buy gold! Buy guns! Learn to live off the grid! Dig a bunker NOW! Fill your garage with freeze-dried food and your spare bedroom with bottled water! Raise chickens in town! Raise a pig! The debt is three thousand percent of GDP! WE'RE ALL GONNA FUCKIN' DIE!

And then 32 percent of America puts these shitheads in charge...what's the First Goddam Thing They Do? "Let's cut taxes on big business!" Guess what kids: Serial tax cutting is the reason we have a $17 trillion public debt. For the next two years, every bill that contains a tax cut of any kind for any reason needs to be vetoed.

BTW, has anyone done a REAL corporate tax analysis comparing what a business in the US pays to the federal government compared to what one in...oh, Korea or Holland pays? Forget "the US's corporate tax rate is higher than anyone else's in the Whole Wide World" shit the far right loves to spout and also look at corporate deductions and credits. I have the feeling that the US, which has a crude tax rate higher than anyone else's, also has enough deductions and credits that our actual tax burden is just about the same as any other country's.