Harry Reid preps deal to lock in big business tax cuts and screw over middle class

[Triana]

Would Harry Reid's last big act as majority leader for the next two years be to screw over the middle class to help out business? If ThinkProgress's sources are right, that's what could be happening. Igor Volksy writes that sources tell TP that Reid has negotiated an agreement with House Republicans that would end some tax breaks for the middle class and make some tax breaks for corporations permanent.

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.

To top it all off? "The costs of the package will not be offset." Disaster relief? Has to be offset. Tax breaks to corporations and war? Don't need to be offset.

THE REST:

http://www.dailykos.com/story/2014/11/25/1347464/-Reid-in-talks-on-tax-package-ending-breaks-for-middle-class-extending-some-for-nbsp-business

MY COMMENT: It appears that Obama, Reid and other Dems (centrist, third way types) have welcomed the incoming Republican majority as an opportunity to ram through (without any real Democratic opposition) regressive and economically and environmentally punitive policies that Republicans have long wanted: Keystone XL, TPP and other trade agreements, and even MORE tax cuts for corporations and the wealthy at the further expense of the middle class and poor. It's smarmy. It's disingenuous. And it stinks. It's time for REAL Democrats - progressives - to let these ThirdWay/Republican Lite "Democrats" know that 'business as usual' is NOT going to cut it anymore with us. No more Third Way nonsense. I told DWS this when I got the same email from her some of the rest of DU got. I see no appreciable changes yet.

[Raul Hernandez]

1. Already a veto threat from Obama on this one.

It's time to stop screwing the poor and begin screwing the rich for every dollar they owe to the government.

[cantbeserious]

2. The Oligarchs, Corporations And Banks Own And Control The Politicians That Own And Control Us

eom

[MindMover]

3. my passport is ready to go ...nt

[Bonhomme Richard]

4. The whole two party system is a scam and anyone that thinks otherwise........

is a sucker.
Now. How do we Really go about changing things? I don't have a clue other than mass demonstrations every day and treating the 1% like pariahs. It has gone way beyond voting them out.

[hfojvt]

5. I am surprised that they would not extend the tax cuts for the poor

to sweeten this crappy deal.

Or maybe this is the trial balloon and then later they will add extended tax cuts for the poor so they can call it a "victory".

[rhett o rick]

6. I think we are way beyond "sweeting" anything. nm

[rhett o rick]

7. I am repeating your comment because it's right on.

It appears that Obama, Reid and other Dems (centrist, third way types) have welcomed the incoming Republican majority as an opportunity to ram through (without any real Democratic opposition) regressive and economically and environmentally punitive policies that Republicans have long wanted: Keystone XL, TPP and other trade agreements, and even MORE tax cuts for corporations and the wealthy at the further expense of the middle class and poor. It's smarmy. It's disingenuous. And it stinks. It's time for REAL Democrats - progressives - to let these ThirdWay/Republican Lite "Democrats" know that 'business as usual' is NOT going to cut it anymore with us. No more Third Way nonsense.

[NanceGreggs]

8. An "update" has been added to the original ThinkProgress story ...

"The Wall Street Journal’s Damien Paletta reported on Twitter that the deal was falling apart and that a White House spokesperson said President Obama would veto it anyway. Sen. Reid’s office also contacted ThinkProgress and denied it “signed off” on any deal without commenting on the specifics of the story."

[Triana]

11. GOOD. Thanks for the update! n/t

[WhiteTara]

9. your comment

It appears that Obama, Reid and other Dems (centrist, third way types) have welcomed the incoming Republican majority as an opportunity to ram through (without any real Democratic opposition)
needs some revising. The President has already said he would veto.

[Triana]

12. That's good. What about TPP? Seems...

... Obama saw the new Repub majority as an opportune time to fast track that? Or has his support for that hopefully waned too?

[WhiteTara]

13. I don't know his mind, but I'll look for

reports about his actions!

[Odin2005]

10. If voting changed anything they would make it illegal.