Although President Barack Obama’s budget proposal may have its fair share of critics in both parties, the administration’s position on extending selected tax breaks could gain support from congressional Republicans.
Instead of backing the continuation of across-the-board extensions, the White House is targeting a few provisions it deems critical, such as the research and development credit and the break for renewable-energy production. The president is asking Congress to make them permanent, reports Politico
“The president’s budget made a step forward on tax reform,” House Ways and Means Chairman Dave Camp told Politico, adding: “Obviously all the extenders are issues that we’re going to be looking at in tax reform.”
But some lobbyists say the shift in the president’s approach will make it harder to fight for the usual, ad hoc continuation of most tax provisions.
Urgent: Do You Support Background Checks on Gun Buyers? Vote in Urgent Poll
“This indicates a different approach,” one veteran lobbyist told Politico. “It’s going to be more difficult.”
Others maintain that Obama’s new stance on tax extenders is designed to get Republicans to negotiate on a revenue-raising tax code overhaul.
If that fails, according to Politico, it will be back to business as usual.
If “tax reform falls apart, I think everybody will then refocus on things they want to get done and have to get done,” another lobbyist told the news outlet. “Extenders will be in that bucket.”
© 2014 Newsmax. All rights reserved.