White House veto threat ices plans to renew tax breaks

November 26, 2014

A plan to renew a handful of tax breaks for business and individuals looks to have been quenched by the White House after a veto threat.

The threat came before any plan was revealed to renew that tax breaks, which have said to have favored individuals over the working class.

Speculation on Capitol Hill on Tuesday focused on a potential agreement to permanently enact tax breaks on business investments in new equipment and research and development as part of a plan that would renew dozens of expired tax breaks for businesses and individuals both.

The White House immediately weighed in with a veto threat, saying Congress should also make permanent a top Obama administration priority: extending more generous tax credits for the working poor and people with children. They were left out of the potential pact and expire at the end of 2017. Democrats fear they won’t be renewed if Republicans control Congress or retake the White House.

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