Bernie Sanders And Congressional Liberals Team Up With Obama To Kill Corporate Tax Cuts

obama and congressional liberals kill corporate tax cuts

A group of congressional liberals being that include Sen. Bernie Sanders (I-VT) and Sen. Sherrod Brown (D-OH) teamed up with President Obama to kill tax cut deal that would have given hundreds of billions of dollars to the wealthy and corporations.

Politico reported,

“Everyone felt that Reid had suddenly given the store to Republicans and not gotten much in return,” said a Democratic House aide.

The president, with liberal Democratic backing on the Hill, issued the veto threat and the plan imploded, making the tax deal the first major collateral damage of the White House’s immigration action.

….
We should go back to the drawing board,” said Michigan Rep. Sander Levin, the top Democrat on the Ways and Means Committee. Those concerns were echoed in public by Sen. Sherrod Brown (D-Ohio), who sits on the tax-writing Finance Committee and Rep. Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee.

A few hours after White House aides spoke with Senate Finance, Obama himself called Wyden to tell him he’d made a decision: He’d veto the deal.

Sens. Reid and Schumer tried to do an end run around President Obama and congressional liberals and got caught. Sen. Bernie Sanders called the plan to give corporations more tax breaks crazy, “This tax cut agreement does exactly the wrong things. At a time of massive wealth and income inequality, it extends huge tax cuts to the rich and large corporations while threatening programs that help low-income children. At a time when we need to reverse climate change and aggressively move to sustainable energy, this agreement fails to eliminate tax benefits for the fossil fuel industry but phases out tax credits for wind and solar. This is pretty crazy stuff. I strongly support the president’s decision to veto it.”

With the red state Democrats out of the Senate, liberals are going to gain power and influence. The entire Senate Democratic caucus doesn’t need to be unified to uphold a presidential veto. It’s now clear that President Obama is working with the congressional liberals to fence in what the Republican congressional majority will be able to accomplish.

Obama won’t have much trouble gathering up votes to sustain a veto as long as Republicans try to pass through wildly unpopular legislation. A smaller Democratic caucus in both the House and Senate does give the president more flexibility when it comes to working with his fellow Democrats. The liberal Hell No caucus is already flexing their muscles. The blocking of the Keystone XL pipeline, and the killing of tax cuts for corporations were only the beginning.

The Republican fantasy of a congress that could challenge Obama has gone up in smoke. If the White House continues to work with congressional liberals, Boehner and McConnell will be pinched in and complaining about their inability to get anything done in a matter of weeks.

The shoe is sliding over to the other foot as Mitch McConnell is about to get a taste of his own medicine.

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50 Replies to “Bernie Sanders And Congressional Liberals Team Up With Obama To Kill Corporate Tax Cuts”

  1. The GOP can’t have it both ways. They either keep the corporate taxes or legalize marijuana. They can’t have both corporate tax cuts and illegal weed.

    Where do they assume the tax revenues are going to come from.

    Incidentally, this is why prohibition on alcohol was repealed. It was the Great Depression and the country needed the money.

  2. The 1 Chart That Reveals Just How Grossly Unfair The U.S. Tax System Has Become- http://goo.gl/44ixM

    CEO-To-Worker Pay Ratio Ballooned 1,000 Percent Since 1950
    The ratio of CEO-to-worker pay has increased 1,000 percent since 1950, according to data from Bloomberg. Today Fortune 500 CEOs make 204 times regular workers on average, Bloomberg found. The ratio is up from 120-to-1 in 2000, 42-to-1 in 1980 and 20-to-1 in 1950. — http://tinyurl.com/cbem3xy

    Report: Firms spent more on CEO pay than taxes
    Twenty-five of the 100 largest U.S. corporations paid their chief executives more than they paid the government in federal income taxes last year, according to a report released Wednesday.
    The nonprofit Institute for Policy Studies says the 25 CEOs averaged $16.7 million in salary and other 2010 compensation. Most of the companies they ran, meanwhile, came out ahead at tax time, collecting tax refunds that averaged $304 million, according to its review of public filings.

  3. I hope we see a lot more of this in the future. And to Reid and Schumer, I hope you get primaried for your obvious attempts to save your seats by giving in to Republicans. Democrats had better learn that one big reason for their losses is that Democrats aren’t going to come out and vote for Republican-lite candidates. I myself will always vote, and vote Democratic, because I understand the importance of keeping Republicans out of government no matter what, but many will just stay home unless they are motivated to get out and vote.

  4. I heard that the last time the Republicans controlled The Senate and the House was in the 20’s and we recall what happened on Black Tuesday, Oct 29,1929, that started the Great Depression. Perhaps we should study deeply the root cause of it, learn from it and remember the suffering that they caused and do something to prevent a repeat.

  5. Give $20 Million to 4 Millionaires and 5 offshore accounts will grow $5 Million richer. Give $20 Million to 100,000 people and 100,000 communities will be infused with $200 each, taxes will be paid, earnings made, profits put back into economy again and benefit far more than 5 people and a team of bankers.

    NOW, is it simple enough for the willingly ignorant to understand?

  6. My grandmother was a strict Prohibitionist. Prohibition passed because women had no rights to their own bodies, labor or fate. They were at the mercy of their husbands, fathers and brothers whims. Think Saudi Arabia today. Or Quiverfull.

    Typically, the lower class working man of the time, often immigrants, would spend his paychecks on alcohol, come home, beat his wife, demand her wages and go drink them, leaving the wife to attempt find food, work to make money to buy food, feed children, pay rent, take in work at night, etc..
    When women DID get the vote, the first thing they did was ban alcohol, thinking it would stop men from drinking their pay, etc…

    If women had had their rights acknowledged by Law, they wouldn’t have been so desperate for a solution.

    Rich people thought it didn’t apply to them.
    We got the income tax, instead.

  7. Justice-based tax reform is desperately needed and well as shift to capital asset growth financing that frees economic growth from the slavery of “past” savings, and instead require the Federal Reserve to issue interest-free capital credit loans to EVERY citizen that are insurable and repaid out of the FUTURE earnings (savings) the investments.

    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, inte…

  8. Brendan. If you see your terrific analogy posted elsewhere, that’s just me borrowing it. I mean, SOMETHING has got to stick in the pea-brains of the teahadists.

  9. It’s a bit late for Slick Oily to pretend that he’s a liberal, or that he cares about the amerikan people. He’s just trying to build a pretend legacy!

  10. It’s about time these corporations pay their fair share of taxes. They receive more welfare than 10 Americas welfare rolls put together, and they get tax breaks to boot? The right has to stop demonizing the people who need the help and admit that that’s only a tiny leak compared to the gushing hole that is corporate welfare and tax breaks. Watch the economy soar if they are successful. This is one of the reasons the middle class has seen a flat line in wage increases, while the corporations are making record profits and CEO wages are higher than ever.

  11. Your comment is accurate for the times, but there is no need for prohibition anymore, especially for Marijuana. The prohibition of Marijuana was purely political, due to the tobacco and alcohol lobbyists. Time for America to grow up, stop babying these corporations, and take back what the Republicans redistributed through “trickle down economics” which is just a lie to get the people to agree, it has never worked the way they say it would, and it never will, it’s time the middle class working man/woman be able to enjoy the fruits of their labor again. ROLL BACK TRICKLE DOWN ECONOMICS AND LET’S GET OUR COUNTRY BACK!

  12. Schumer has always been a slut. He stands for nothing but his own aggrandizement and what personally benefits him and Israel. He, like Sanders, is a dual citizen of Israel and he gets his orders from a foreign country. His loyalty is to Israel, not to the USA or to his constituents, of which I am one. He is always looking for what benefits him and nothing else.

  13. It’s about time these corporations pay their fair share of taxes. They receive more welfare than 10 Americas welfare rolls put together, and they get tax breaks to boot? The right has to stop demonizing the people who need the help and admit that that’s only a tiny leak compared to the gushing hole that is corporate welfare and tax breaks. Watch the economy soar if they are successful. This is one of the reasons the middle class has seen a flat line in wage increases, while the corporations are making record profits and CEO wages are higher than ever. It’s time to reverse the Republicans attempt to redistribute the nation’s wealth to the top, and roll back “trickle down economics”, it never worked the way they say, and it never will, it’s a failed policy, but they knew it would be, they just wanted to get as much wealth as possible until the country woke up. Some of us woke up a long, long time ago, and some have yet to wake up.

  14. While I truly admire the President’s efforts these last six years to try to work with the Republicans, only to have his hand slapped away EVERY time, I am glad he has finally realized that the Republicans in Congress will never negotiate on any issue, never compromise on their extremist agenda, and never act in the best interests of the American people.

    God bless our President and our country.

  15. Give $20 Million to 4 Millionaires and 5 offshore accounts will grow $5 Million richer.
    ~~~~~~
    So the law of diminishing returns is at work? High income earners and corporations are now being taxed and regulated smack out of the country? Probably so…if I was a higher income taxpayer that already pays the 95% of all federal income taxes, I’m pretty sure I’d be looking to stash a few bucks in Singapore myself.
    .

    Give $20 Million to 100,000 people and 100,000 communities will be infused with $200 each
    ~~~~
    So from where exactly does the government acquire this money you want to GIVE away anyway? I mean since Congress doesn’t have a vault of money waiting to be distributed…
    it would first have to be taxed or borrowed OUT of the economy. No NEW spending power would be created.
    Give away your own money if you want. But how ’bout keeping your mitts off of everyone elses?
    If you actually think “corporations” will pay a tax increase, you pass the Gruber test.

  16. Great news. Let’s see them make the GOP squeal! They’ve caused enough damage to us and to our country. Karma can be a real bitch.

  17. Good for them. If Dems would start fighting these crazy repulicons back, the American people who truly believe in Democracy, would finally be proud of them and stand firmly behind them. For the last 6 years they have been so weak in their fight against the “totally insane” republicons that the American people have lost faith in them.

  18. They don’t pay 95% of the taxes sh**head, they may pay more dollar-wise, but as a percentage of income, they pay a lot less. I don’t know why you thick-headed right-wingers can’t get that simple concept through your heads.

  19. You’re right, for us it is a failure, but for the rich, it is a windfall. It actually does work just the way they want it to, it’s only the dumba** Republican voters who don’t realize that they have been hoodwinked.

  20. The AmRevolution was an uprising against the tyranny of King George wed to Corporations&the demonic mountebanks of religioncraft (Christiancrafters known as Tories who sided with the King& Corporations). Thomas Paine started a Revo in the collective mind of the Colony “to change the world via his inspiring Common Sense. Paine closed his argument for Revo via his Four Letters On Interesting Subjects written between May 22&July 2, 1776, just days prior to the DOI on July 4. At the close of Letter 3,the Great Paine to the Evildoers, wrote: “As to Corporations themselves, they are without exception so many badges of kingly tyranny, and tend, like every other species of useless pomp,to the oppression and impoverishment of the place,without one single advantage arising from them. They keep up a perpetual spirit of distinction and faction, engross emoluments and advantages to themselves. They diminish the freedom of every place where they exist.”Get the political picture wher…

  21. uh, no, they don’t pay 95%…in fact, unless they are total idiots, they pay much less than the 30%-35% (whatever is the current rate) via all the tax loopholes and their accounting tricks. Same with the corporations, corporate tax might be “high” but few of the big ones pay it through due to all the loopholes and accounting tricks.

  22. As a constituent of Schumer, I hope he gets a primary challenge when he’s up for re-election so maybe we can get rid of the self-serving publicity-seeking b.s. artist and get a real Democrat to represent the Empire State in the US Senate. If b.s. was music, he’d be McNamara’s Band.

  23. They don’t pay 95% of the taxes sh**head,
    ~~~~
    Refute the numbers all you like, Precious…but take it up with the WSJ.

    “Higher-income households will pay a higher share of overall federal taxes, and will pay PRACTICALLY ALL of the federal income tax. They will pay 75.7% of overall federal taxes – including income, payroll and excise taxes – compared to 71.9% in 2012. They will pay 95.2% of federal individual income taxes, compared to 88.3% two years ago. People making up to $40,000, on average, will have negative income tax rates…”

    http://blogs.wsj.com/washwire/2014/04/15/who-will-pay-more-tax-for-2014/?mod=e2tw

    .

    they may pay more dollar-wise, but as a percentage of income, they pay a lot less.
    ~~~~

    So what’s your end game?
    If you’re saying that paying 95% of the income tax burden is not enough, how much should the top 20% of taxpayers pay? And if the (roughly) bottom 40% of earners are paying no income taxes and this is not sufficient, what is?

  24. Thank you so much for the post you left. Many people have no idea just what life was like for women then. You can see that Republicans have displayed the desire for the good old days when women had to take their knocks and keep their mouths shut. Good for you!! I’m going to post your post. Thumbs up!

  25. they don’t pay 95%
    ~~~~~
    You’re right…the CBO says it’s more like 106% because American households in the bottom 40% paid negative amounts in income-tax dollars and a negative average income-tax rate.

    http://www.cbo.gov/sites/default/files/cbofiles/attachments/44604-AverageTaxRates.pdf

    Not really the point anyway.

    Does anyone know of a business anywhere – corporate structure or not – that doesn’t include ALL of its costs in the price of the goods or services it produces or provides?

    I thought not.

    Taxes are a cost, which like all other costs are included in the price of those goods and services. Economists may disagree over the answer to the question of who bears the burden of the corporate income tax (employees, consumers, investors, less jobs, etc.) but one thing that economists DO know is that it isn’t corporations.

    Corporations are NOT tax PAYERS…

    They are tax COLLECTORS.

  26. These bloody jerks think that they can just run slip shod over the president because they have a few more votes. And that they can continue to wreck the American economy and to squeeze the little guy out. When it seems like they’ve got a lot coming to them. The veto pen is surely a very nice and valuable tool to kick off the next two years. Mr President kick some serious ass.

  27. This is so great because the president has realized that some of his own party who cower to the teabagginists cannot be counted on. They will never see his side just like the teabagginists and they will always sell their souls. The president has two years left with a hostile congress however he has a sledge hammer and is ready to use it. That is why it is so great.

  28. Well said indeed. Too bad we don’t have the guts to go all the way and tax the frigging churches as well. Just think of the revenue we could have to end on job creation like infrastructure spending, alternative energy, making education almost free, etc etc. Damn, we could be such a great nation if we get rid of these thieves.

  29. This sounds good. Let’s see how many bills make it to the floor now that Reid isn’t running the Senate. When they do, the President can use his veto power. The dynamics may change between the president and congress. I suspect this is good news but we’ll see.
    There is a big long list of problems that liberals have to deal with but the one that I think get’s the most done is dealing with excessive corporate power. Corporations are to blame for low wages, environmental degradation, off-shoring jobs, wars, and on and on.

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