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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHarry Reid preps deal to lock in big business tax cuts and screw over middle class
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 intoor deeper intopoverty." 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
(78 posts)It's time to stop screwing the poor and begin screwing the rich for every dollar they owe to the government.
cantbeserious
(13,039 posts)eom
MindMover
(5,016 posts)Bonhomme Richard
(9,000 posts)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
(37,573 posts)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
(55,981 posts)rhett o rick
(55,981 posts)NanceGreggs
(27,814 posts)Triana
(22,666 posts)WhiteTara
(29,715 posts)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
(22,666 posts)... Obama saw the new Repub majority as an opportune time to fast track that? Or has his support for that hopefully waned too?
WhiteTara
(29,715 posts)reports about his actions!