Obama promises to veto proposed business tax cuts--and I agree

I don't know where these idiots come up with their ideas of what is and is not good law.

It seems there is actually a compromise agreed to by both parties to cut taxes on business. It is basically a bundle of special interest tax credits.

LINK

quote:

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Advocates in both parties said the emerging accord will lock in tax breaks that otherwise are passed in short-term increments, year after year. That will give the economy more certainty while extending businesses tax benefits that already have broad bipartisan support. And Senate Democrats said they cut the best deal possible before Republicans take over next year.

But Mr. Obama and White House Chief of Staff Denis R. McDonough personally stepped in, launching a furious round of calling Tuesday afternoon to see if they could muster enough Democratic support to sustain a veto.

The tax measure would make permanent 10 provisions, including an expanded research and development tax credit, which businesses have wanted to be made permanent for years; a measure allowing small businesses to deduct virtually any investment; the deduction for state and local sales taxes, the American Opportunity Tax Credit for college costs; deductions for employer-provided mass transit and parking benefits; and four different breaks for corporate and charitable giving.

Smaller measures already passed by the Senate Finance Committee would be extended for one year, and retroactively for the current tax year, from tax breaks for car-racing tracks to benefits for race horse owners.

The tax credit for wind power would phase out and end after 2017.

Left off were the two tax breaks most valued by liberal Democrats: a permanently expanded earned-income credit and child tax credit for the working poor.

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We desperately need business tax cuts but to do it in such a manner is just insane.

How about this--lower the rate and allow for tax purposes 100% deductions of investment in assets in the year of the expenditure.

End the special interest credits---even the purposed R&D credit--and give us a simpler, smarter tax bill.