Obama Threatens To Veto Congress’ Plan To Give Corporations A $400 Billion Tax Cut

obama signing

President Obama is threatening to veto a congressional plan that would give hundreds of billions of dollars in tax cuts to corporations.

The New York Times reported,

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.

This is a song and dance that we have all heard before. For years, Republicans moaned and groaned about the deficit. They claimed that the nation was too broke to extend unemployment benefits, programs for the needy, or even expand veterans benefits.

Now that they are about to take control of Congress, Republicans have found enough cash to blow a $440 billion hole in the deficit by pushing a tax cut bill that his heavily slanted towards corporations. In the Republican mind, the nation is too broke to help the jobless or veterans, but there is never a bad time to give corporations a tax cut.

An Obama veto would be the most significant of his presidency so far. The president is warming up his veto pen in order to stand up for working people and their families. Republicans are taking the Obama veto threat so seriously that they are trying to sweeten the tax cut pot in order to attract Democratic support.

For the next two years, President Obama will be the only person standing in the way of the Republican Party’s Koch fueled agenda. Obama is standing tall, but the full pro-corporate assault will begin in January.

38 Replies to “Obama Threatens To Veto Congress’ Plan To Give Corporations A $400 Billion Tax Cut”

  1. Every smart economist says that the income gap has widened between the wealthy and the
    rest of us and that it is really hurting the economy (not to mention hungry kids etc)

  2. Corporations are the job creators, especially if you’re a Republican member of congress accepting their bribes donations. [wink]

  3. This is why I called for a total purge of all dummycrat leaders.

    Did they not learn anything from the mid terms? Unless we stand for regular people then our base will not turn out.

    If they want to stand with the corporations so be it. Don’t send those whores one red cent ever

  4. I was getting 30 to 40 emails a day asking for money before the election and I gave what I could to certain ones. If this keeps up it’ll be a cold day in hell before I give another dime. They can always count on my vote, but I don’t have enough money to be wasting it.

  5. I am still getting them and I always reply I will not give you dummycrats one more cent because you are the problem. How the hell you take seats off the table because you like to have dinner with assholes

  6. And the homeless plus crumbling schools, bridges, roads and infrastructure. No jobs bill but tax breaks for the rich? I still don’t get what kind of idiots voted GOP against their own interests. Our only hope for the next two years is President Obama then retaking Congress and the White House.

  7. I cant put this one on the baggers this is Harry Reid’s doing and I think the President picked up the phone and said WTF Harry and that is why he is walking it back

  8. When are we going to wake up that taxes laid on corporations are PAID FOR BY US! Corporations collect the taxes they pay from us hidden in higher prices. The #FairTax is a far better system because it ends the canard of taxing corporations, makes our true tax load VISIBLE, and UNtaxes every resident household’s spending to the poverty-level-ceiling with a cash prebate, which makes the tax more progressive and efficient than the income tax system. (BTW, no more tax withholding from paychecks with the FairTax.)
    Democrat Organizer Wexler on FairTax (Transcript)

  9. Same here….getting emails and phone calls. I told them they’re not getting a dime until they get a spine! I’m giving to President Obama’s agenda now: organizing for action! PAC. It’s ran by his original team in 2008.

  10. the very last thing we should be doing is giving enormous tax cuts for big business and corporations, especially when these tax cuts are offset by severe cuts to programs designed to help the working class and the poor. it is widely known that the rich elite and these corporations are hoarding their cash in offshore banking accounts instead of allowing it to trickle down. the rich and the corporations do not need one more single penny from congress. that 400 billion dollars could fix a lot of things instead of being designated for some rich guy’s wallet. imagine all the jobs that could be created with that kind of mind blowing money. shame on you republicans and your ‘reverse robinhood’.

  11. I thought the GOP was concerned about the budget and deficit, and that america did not have the money for programs to help the middle class and those in most need, yet they are planning on blowing a huge hole in the deficit and have somehow found the cash for this ridiculous tax cut package. the GOP is trying to pass this thing giving big corporations hundreds of billions of dollars that will be offset by cuts to many, many of the programs that help middle class and poor families nationwide. trickle down does not work. it has not worked for 40 years. we must focus on the middle and working class.

  12. Let’s give more big tax breaks for the wealthy and large corporations. After all, they ARE the “job creators”. From massive tax cuts they will create thousands of jobs making stuff that no one can afford to buy. Or not. Just look at all the jobs created by the massive Bush tax cuts. Oh, that’s right, job creation was in the negative at that time. Seriously, we, the lower and middle class are the job creators. When we have money to spend, maybe by raising the minimum wage, we buy more. When we buy more, more jobs are created by the demand. It is the demand that creates the jobs. Corporations having more money in their pocket doesn’t create a demand for more product. Trickle down never has worked and never will work. Wake up people. Tax cuts for the wealthy and corporations will never help the economy and the Republicans with any intelligence know this. The just say it in order to not tell you the truth, that they’re just paying back their rich benefactors for their cushy gov. jobs…

  13. It is not just tax cuts for the corporations, but eliminating some tax breaks for the middle class. Pretty soon the corporations will not have any customers
    to buy their rubbish.

    Paul Ryan is still stuck on his budget, he still wants to privatize social security and make medicare a voucher program with a voucher that covers hardly anything, I do not know why america does not wake up!

  14. The ONLY justification for reducing or eliminating the corporate tax burden on corporations is the stipulation that they are broadly owned, including employees, and pay out fully dividend earnings, which then would be taxed at personal income tax rates. This would effectively abate the use of retained earnings and debt financing, neither of which creates any new owners but instead constantly enriches the value of capital assets owned by the present owners. Instead, new growth should be financed with the issuance of new stock and its purchase by citizens and employees of the corporation. Such purchases can be transacted using insured, interest-free capital credit loans payed for with the FUTURE earnings of the investments in capital asset growth, without taking ownership shares from those who already own. The proposed Capital Homestead Act would accomplish this objective.
    The President should support the Capital Homestead Act athttp://www.cesj.org/…/capital-homestead-act-a-plan-for-g…

  15. Doesn’t take much imagine to see the damage these rethugs could do to this country IF, they take the White House in the next election?
    This would be small potatoes. Voters had better think about that very seriously for the next two years.

  16. President Obama better veto this bill. It is time for him to truly take a stand.

    I have had enough of the seditious and treasonous Repugnant party.

    Boehner, McConnell, Ryan, all of them, and all the scum from Faux Nitwit Newsless, from Rupert Murdoch and Roger Ailes, right down to the plastic barbie and ken dolls in their fake news room?

    THEY ALL NEED TO BE ARRESTED AND TRIED FOR SEDITION AND TREASON AGAINST THE PRESIDENT, THE PEOPLE OF THE UNITED STATES AND UPON CONVICTION, EXECUTED BY A FIRING SQUAD.

  17. The scumbag congress ae moving very quickly to award their corporate masters for the big bucks they sold their souls for.

  18. This Thanksgiving be the first one to grab the gravy boat and pour every drop of it on your plate. When your Republiclown relatives complain tell them that it will eventually trickle down to them…

  19. Make sure what trickle down is a drop and when they complain tell them to pull yourself up and make your own gravy but give them no ingredients

  20. SUCKERS!!!!!
    Image and video hosting by TinyPic

    GOP ‘payback’ to white working class that voted them in: Cut earned income tax and child tax credit

    First, some data. In the recent midterm elections, a study by the Public Religion Research Institute found that white working-class voters—defined as those lacking a college degree, and whose jobs paid an hourly wage—voted for the Republican over the Democrat for Congress by a whopping margin of 61 percent to 26 percent.
    Got that? Good. Also, the “vast majority” of recipients of the Earned Income Tax Credit—and remember, that credit only goes to people who earn enough money that, without it, they’d be paying income taxes—are white
    http://publicreligion.org/research/2014/11/survey-2014-post-election-american-values-survey-what-motivated-voters-during-the-midterm-elections/
    Have a nice day

  21. You are assuming that if you give the corporations tax breaks, that they will cut their profits and lower prices. They have been getting tax breaks for years .. seen any lower prices yet ? Didn’t think so.

  22. Getting to the point I don’t trust Republicans OR Democrats. Harry Reid is a disgrace and has always been. The problem with our government is all these millionaires running the government who want to use poor and middle-class taxpayer money to stay millionaires and have the chance of the American dream – be billionaires.

    But all they have to do is tell their mother – and all these politicians are selling us out. The idea that Harry Reid and other Democrats think there is a deal here is fkn corrupt.

    How about the fkn jobs jobs jobs – the job creators we are providing billions to create and who are sending these jobs overseas and refusing to pay taxes.

    Tell me why the super rich corps (who aren’t paying taxes anyhow) need more billions and who the fk is deciding it’s a good idea to let all American infrastructure go to hell while nothing is done to grow American economy except cut taxes for the rich.

    Today’s politicians now are Koch suckers and 99% are worthless.

  23. You people are so rediculously sold into this crap you cant see the truth from your own party. There is not 1 single tax extention in this deal the the democrats did not endorse. The part about earned income and child credit do not expire until 2017 so no kids or families ar hurt. Obama wants them permanent because it would provide benefits to the 5 million criminals obama just pardoned. You people are plain stupid. they shoould put this bill togeather tell odumass sign it or shut the government down thats the only budget deal you will get from us. God I hate that arrogant pos he needs to go back to chicago and leave politics to the adults.

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