Worthless fucking Democrats:
Senate Majority Leader Harry Reid (D-NV) has reached a compromise with House Republicans on a package of tax breaks that would permanently extend relief for big multinational corporations without providing breaks for middle or lower-income families, individuals with knowledge of the deal tell ThinkProgress.
Under the terms of the $444 billion agreement, lawmakers would phase out all tax breaks for clean energy and wind energy but would maintain fossil fuel subsidies. Expanded eligibility for the Earned Income Tax Credit and the Child Tax Credit would also end in 2017, even though the Center for Budget and Policy Priorities estimates that allowing the provisions to expire would push “16 million people in low-income working families, including 8 million children into — or deeper into — poverty.” The proposal would help students pay for college by making permanent the American Permanent Opportunity Tax Credit, a Democratic priority.
Meanwhile, two-thirds of the package would make permanent tax provisions that are intended to help businesses, including a research and development credit, small business expensing, and a reduction in the S-Corp recognition period for built-in gains tax.
The costs of the package will not be offset.
A giveway to the rich while screwing the poor and middle class, moving in the wrong direction regarding energy policy, all while not being offset, so later on Republicans will have a pretext to pretend to be fiscal conservatives while they demand more cuts to food stamps and Medicare. Harry Reid, you worthless piece of shit.
Fortunately, there is this:
With negotiators nearing an accord on permanent tax breaks for businesses worth $440 billion over 10 years, President Obama rallied Democratic opposition on Tuesday and promised a veto.
“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 outgoing majority leader, showed how much power has shifted since the Republican election victories this month. The negotiations fractured Democrats, and separated the Obama administration from Mr. Reid.
But Mr. Obama’s threat showed that he could still wield his authority as well. White House officials said the package, intended to avoid letting a host of politically popular tax breaks expire at the end of the year, is too heavily tilted toward corporations and will have deep repercussions for budget and tax negotiations far into the future.
Serisouly, it’s Obama against the world out there. I’m going to go out on a limb and guess that my coal-humping Senators love Reid’s compromise.