Obama threatened to veto the $440 billion tax deal according to New York Times. The success of the threat showed that the president and the Democrats in Congress, in both the current lame-duck session and in the Republican dominant, will still be able block out the proposals they do not like. This deal would have retroactively renewed the dozens of expired tax breaks. A few of the tax breaks like the credit to produce wind energy would be worth it. And some of the special interest giveaways like tax breaks for car racing tracks. And some are wasteful handouts like the idea to let corporations write off purchases afterwards instead of depreciating them over time. These business tax break would benefit the wealthy because creating lower taxes would result in higher investment returns. Democrats called for the package to include provisions that would help low and middle income workers. Specifically they wanted improvements to the earned income tax credit and the child tax credit to become permanent rather than expire at the end of 2017. Republicans, however, refused because they do not want to help the immigrants who will be allowed to work legally due to the executive action on immigration.
This article talked about the president’s veto power and how he used it as a threat. And the president’s executive action on immigration. It also talks about the lame-duck session of Congress is one that takes place after the next election for Congress has occurred, but before the end of the current Congressional term. It also mentions Obama working with the Democratic Congress members like Harry Reid. Tax breaks are talked about as well, and how the Republicans and Democrats have differing views on the subject.
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