Obama: I Will Veto Permanent Tax Breaks for Corporations

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President Barack Obama vowed Tuesday to veto a package of tax breaks that Republicans send his way if they don’t alter the parts that provide “permanent tax breaks for businesses,” the New York Times reports.

“The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” Jennifer Friedman, a White House spokeswoman, told the Times.

The tax package was crafted primarily by House Republicans and reflects the power that Republicans are hoping to wield now that they are in the majority in both the House and the Senate.

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The tax deal “showed how much power has shifted since the Republican election victories early this month. White House officials said the package was heavily tilted toward corporations and will have deep repercussions for budget and tax negotiations far into the future,” the Times reports.

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But Obama’s power to veto the tax breaks should also be taken seriously. His concerns compelled Republicans to revise the tax plan if they’re hoping to get it approved by the White House.

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“But it also showed how Mr. Obama still can wield his authority. A veto would be the third and by far the most significant of Mr. Obama’s presidency. His threat sent negotiators back to the table to see if Republicans could add measures that would win liberal support, especially a permanently expanded child tax credit for the working poor,” the Times reports. 

Read more at the New York Times.