Obama would veto a $450 billion tax cut bill. (Bill Clark/CQ Roll Call File Photo)
Updated 5:37 p.m. | President Barack Obama would veto an emerging $450 billion tax cut deal coming together in the Senate because it doesn’t do enough for the middle class, according to the White House.
“The President would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” said Jen Friedman, deputy White House press secretary.
The emerging package of tax cuts negotiated by top Democrats and Republicans would extend an array of mostly business tax breaks — some permanently — while some of the president’s priorities would be left on the cutting room floor.
The package includes the research and development break and is expected to revive a slew of other provisions that benefit corporate interests, including NASCAR, film producers and the owners of racehorses.
The so-called “tax extenders” package has been in the works for months, after most of the provisions expired in January. Democrats negotiated to add some of their preferred tax cuts, including a tax subsidy for mass transit and the deductibility of sales taxes, but other provisions, like an enhanced Earned Income Tax Credit, would expire. Full story