President Obama would veto a corporate tax-cut agreement gaining traction on Capitol Hill, the White House said Tuesday, insisting that such a framework would come at the expense of middle-class families.
“The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” White House spokeswoman Jen Friedman said.
The announcement comes as a bipartisan group of lawmakers attempts to finalize a compromise that would extend business tax breaks that expired at the end of 2013.
Some liberals have complained that the $450 billion package is merely a handout to large corporations. And budget hawks said the tax blueprint would only add to the deficit.
However, Republicans say corporate tax reform is one of the few areas where they and the president can find common ground.
In recent days, the White House hinted that Obama was not supportive of the emerging legislation, but the veto threat sent an unmistakable message to Republicans and Democrats trying to hash out a deal.
To override a veto, two-thirds of lawmakers in both the House and Senate would have to approve the legislation.
