BREAKING NEWS

White House says Obama would veto Republican tax cut

By REUTERS

APRIL 17, 2012 23:55

WASHINGTON - The White House said on Tuesday that US President Barack Obama would veto a small business tax cut proposal by Republicans in the House of Representatives that his Democrats complain is biased toward helping the rich.

A partisan fight over the bill, which is set to come up for a vote on Thursday, mirrors a wider election-year battle between Obama and his likely Republican challenger Mitt Romney over tax policy and how best to grow the US economy and shrink huge federal budget deficits.

It also follows the failure of the Democratic-controlled Senate on Monday to advance Obama's "Buffett Rule" legislation, named after billionaire Warren Buffett, to impose a minimum 30 percent income tax on millionaires.

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