Media reports: Obama would veto tax extenders bill without changes
November 26, 2014 | 04:19 PM
President Barack Obama would veto the tax extenders bill that Congress is writing because it does not include tax breaks for the middle class, National Journal, DTN/The Progressive Farmer and The New York Times reported on Tuesday.
Congressional Democrats would support the president and conservatives find the cost too high, making it difficult to override a veto, according to media reports.
“The president would veto the proposed deal, because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” said deputy White House press secretary Jen Friedman, according to National Journal.
The proposed bill would include the deduction farmers use for business equipment.
DTN/The Progressive Farmer noted that a $500,000 deduction expired at the end of last year and was lowered to $25,000 for 2014. Farm groups and others want Congress to reinstate the $500,000 deduction as well as reinstate 50 percent bonus depreciation for other business machinery.
The tax credit for wind power, a Democratic priority, would phase out and end after 2017, The New York Times said.
Left off were the two tax breaks valued most by liberal Democrats: a permanently expanded earned-income credit and a child tax credit for the working poor, the Times added, noting that Republicans have said they will exclude those measures as payback for the executive order on immigration.
▪ National Journal — White House Warns It Would Veto Deal on Tax Extenders
▪ DTN/The Progressive Farmer — No Agreement on Tax Extenders
▪ The New York Times — Obama Threatens to Veto $440 Billion Tax Deal
Congressional Democrats would support the president and conservatives find the cost too high, making it difficult to override a veto, according to media reports.
“The president would veto the proposed deal, because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” said deputy White House press secretary Jen Friedman, according to National Journal.
The proposed bill would include the deduction farmers use for business equipment.
DTN/The Progressive Farmer noted that a $500,000 deduction expired at the end of last year and was lowered to $25,000 for 2014. Farm groups and others want Congress to reinstate the $500,000 deduction as well as reinstate 50 percent bonus depreciation for other business machinery.
The tax credit for wind power, a Democratic priority, would phase out and end after 2017, The New York Times said.
Left off were the two tax breaks valued most by liberal Democrats: a permanently expanded earned-income credit and a child tax credit for the working poor, the Times added, noting that Republicans have said they will exclude those measures as payback for the executive order on immigration.
▪ National Journal — White House Warns It Would Veto Deal on Tax Extenders
▪ DTN/The Progressive Farmer — No Agreement on Tax Extenders
▪ The New York Times — Obama Threatens to Veto $440 Billion Tax Deal
