Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
December 21, 2014

Posts in "Taxes"

December 3, 2014

‘Looser’ Obama Riffs on Taxes, Trade, Regulations, Immigration, GOP

459891950 445x296 Looser Obama Riffs on Taxes, Trade, Regulations, Immigration, GOP

From left: Deutsche Bank Chief executive Jacques Brand, President and CEO of Convergys Andrea Ayers, President and CEO of Dell Michael Dell, listen to President Barack Obama at the quarterly meeting of the Business Roundtable. (Getty Images News)

President Barack Obama is starting to open up, six years into the job.

“You get a little looser in your last two years in office,” he told CEOs at a meeting with the Business Roundtable.

Indeed, the remark itself would never have been made public under the old White House policy of kicking out the press for the all-important Q&As the president regularly has with business leaders and donors. Full story

November 25, 2014

Obama Would Veto Corporate Tax Cut Bill (Updated)

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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

November 24, 2014

Obama Wants Middle Class Aid Before Corporate Tax Breaks (Updated)

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Democrats repeatedly harped about programs to help the middle class in the run-up to the midterm elections. (Tom Williams/CQ Roll Call File Photo)

Updated 5:10 p.m. | Corporate tax lobbyists hoping for a holiday treat from Congress may get a lump of coal from President Barack Obama.

White House Press Secretary Josh Earnest said Monday the president would “strongly oppose” a package of corporate tax cut extenders without doing something for the middle class.

“I can tell you that the reports are not promising,” Earnest said. “The reports suggest that there may be some in Congress who want to provide tax relief to businesses and to corporate insiders but not ensuring that … those benefits are shared by middle-class families.

“So certainly the administration would not be supportive of a package that provided relief to corporations without providing relief to middle-class families.

Full story

May 13, 2014

White House Stops Short of Veto Threat on Tax Extenders Bill (Video)

parks029 022713 445x296 White House Stops Short of Veto Threat on Tax Extenders Bill (Video)

Obama wants the Senate’s tax extenders bill to be amended so that it doesn’t add to the deficit, but hasn’t threatened to veto it. (Tom Williams/CQ Roll Call File Photo)

The White House wants the Senate’s $85 billion tax extenders bill amended so that it does not add to the deficit, but stopped short of issuing a veto threat Tuesday.

“The Administration supports the extension of many of the tax provisions in the Senate bill, such as those that support America’s small businesses, help unemployed veterans find jobs, and promote clean energy production and research and development,” said Bobby Whithorne, a spokesman for the White House. “The President in his budget has put forward a way to pay for these tax provisions so they don’t add to the deficit and hopes that as legislation moves forward, Congress will offset their cost by closing tax loopholes.”

Whithorne’s statement, however, does not include a threat to veto the bill — either over the deficit or the lack of an unemployment extension — another priority for the White House.

Full story

May 9, 2014

Will Obama Threaten to Veto Senate’s Tax-Cut Bill?

obama050914 445x292 Will Obama Threaten to Veto Senate’s Tax Cut Bill?

Obama is against a tax extenders package that is not paid for and has criticized the House for not passing an unemployment extension. (Tom Williams/CQ Roll Call File Photo)

Defying the White House and a yearslong push for more revenue, Senate Democrats are on the verge of passing an $85 billion grab bag of tax cuts with no plans to pay for them.

The question now is whether President Barack Obama will stick to his guns and threaten to veto the bill — picking an intraparty fight in an election year with control of the Senate at stake.

Ask a liberal Senate Democrat about the deficit-financed “tax extenders” package headed for the floor next week, and you’re likely to hear a refrain that could have been uttered by a Republican — some tax cuts shouldn’t have to be paid for because they pay for themselves. Or extending an expired tax cut shouldn’t count — never mind those pesky pay-as-you-go rules.

But the White House’s budget proposed a corporate tax package that would generate revenue to help pay for its transportation bill, not another tax cut that would inflate the deficit.

“Our position remains unchanged and we continue to believe the extenders should be paid for,” an administration official told CQ Roll Call.

(Update 5/13: The White House declined to issue a veto threat on the bill.)

The administration hasn’t yet threatened a veto of the Senate measure, but the Office of Management and Budget issued a sternly worded veto threat over the House GOP’s tax extender bill resurrecting the research and development tax credit and making it permanent, at a cost of $156 billion over the coming decade. Some 62 House Democrats defied their leaders and the president’s veto threat to help pass the bill Friday with a potentially veto-proof majority.

It’s not the tax break Obama opposes — his budget would revive it too. It’s the not-paying-for-it part. Full story

May 6, 2014

Obama Threatens Tax Cut Veto as Unemployment Extension Languishes

The White House threatened to veto a new $156 billion corporate tax cut proposed by House Republicans, noting the same group has refused to act on an unemployment extension.

The bill would permanently extend the research and development tax credit without paying for it — adding to the deficit. As the White House Office of Management and Budget noted in a Statement of Administration Policy on Tuesday, it doesn’t even comport with the budget resolution the House passed just last month.

President Barack Obama supports extending the credit, but wants to offset the cost by ending other corporate tax breaks instead.

“The deficit increase in H.R. 4438 is more than fifteen times the cost of the proposed extension of emergency unemployment benefits, which Republicans are insisting be offset,” the statement noted. Full story

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