WASHINGTON (AP) — President Barack Obama is threatening to veto two bills aimed at reducing certain taxes.
The Republican-controlled House plans to vote this week to repeal the estate tax. But the White House says Obama would veto that bill because it would only benefit a tiny fraction of the wealthiest Americans. The White House says it's fiscally irresponsible and shifts more of the tax burden onto poorer Americans.
Obama is also threatening to veto a bill that would make permanent a tax deduction for state and local sales tax. Currently taxpayers who itemize their deductions can deduct sales tax instead of state and local income taxes paid. The White House says making that deduction permanent would add $42 billion to the deficit over 10 years.