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(3,335 posts)
Fri Feb 28, 2014, 12:12 PM Feb 2014

Now we see what happens when the GOP picks a fight with someone other than food stamp recipients. [View all]

This article sums up in a nutshell the phrase "whose your daddy?"

"Wall Street is warning Washington Republicans: The money spigot is turning off.

Rep. Dave Camp’s tax proposal — which jacked up taxes on banks and threatens the bottom line of some major private equity players in New York — has infuriated donors in high finance.

Big banks want to turn Republicans against the bank tax. The situation puts the party at risk of seeing a reliable source of campaign cash dry up right in the middle of a critical election year.

The tax proposal itself is not even expected to get a vote in the House, since it’s so unpopular among most Republicans. That Wall Street would react so ferociously to a dead-end bill is a reminder of how hard a powerful player is willing to fight to protect its interests in Washington.

Some House Republicans are already trying to calm the waters.

House Majority Leader Eric Cantor (R-Va.) told lobbyists at a lunch in D.C. Thursday that Camp’s bill was merely a “draft.” One lobbyist in attendance got the impression Cantor thought the plan was going nowhere. Rory Cooper, Cantor’s spokesman, said he didn’t say this “directly or indirectly.”

Rep. Tom Cole (R-Okla.) said that since the legislation isn’t going to be voted on — lawmakers can use it as a talking point“It allows you to tell your energy people ‘Look, I’m on your side,’” Cole said. “It lets you distance yourself from parts that are unpopular.”

Even before the draft was released, leadership was trying to make the case that this was only the beginning of a long discussion on tax policy. Boehner’s chief of staff Mike Sommers and policy director David Stewart huddled with roughly 50 lobbyists in Naples, Fla., earlier this month after the NRCC retreat. Camp’s tax package was causing a lot of consternation. People attending the meeting walked away with the impression that the bill, which many were nervous about, would not see any floor time.

Other Republicans are trying to isolate Camp, saying it’s his draft, and doesn’t represent the view of the party, writ large.

Read more: http://www.politico.com/story/2014/02/wall-street-republicans-dave-camp-bank-tax-reform-104065.html#ixzz2udAp33DD
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