Obama to Call for Business Investment Tax Breaks
President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of jump-starting economic growth ahead of the November elections.
An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland, Ohio, on Wednesday.
Amid an uptick in unemployment to 9.6 percent, and polls showing that the November election could be dismal for Democrats, Obama has promised to propose new steps to stimulate the economy. In addition to the business investment tax breaks, he will also call for a $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies.
The proposals would require congressional approval, which is highly uncertain given Washington's partisan atmosphere. With the public worried about adding to the mounting federal deficits, and Republicans saying spending is out of control, even many Democratic lawmakers are reluctant to approve new spending so close to the midterm elections.
Even if legislators could pass some of the proposals in the short window between their return to Capitol Hill in mid-September and the elections, it's unlikely the efforts would significantly stimulate the economy by November.
Several million people and 1.5 million businesses would benefit from the tax breaks, said the administration official, who spoke on the condition of anonymity because the formal announcement has not been made.
The official said the total cost to taxpayers over 10 years would be $30 billion, with most of the money being recouped as the economy strengthens.
By Associated Press Writer Julie Pace
© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland, Ohio, on Wednesday.
Amid an uptick in unemployment to 9.6 percent, and polls showing that the November election could be dismal for Democrats, Obama has promised to propose new steps to stimulate the economy. In addition to the business investment tax breaks, he will also call for a $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies.
The proposals would require congressional approval, which is highly uncertain given Washington's partisan atmosphere. With the public worried about adding to the mounting federal deficits, and Republicans saying spending is out of control, even many Democratic lawmakers are reluctant to approve new spending so close to the midterm elections.
Even if legislators could pass some of the proposals in the short window between their return to Capitol Hill in mid-September and the elections, it's unlikely the efforts would significantly stimulate the economy by November.
Several million people and 1.5 million businesses would benefit from the tax breaks, said the administration official, who spoke on the condition of anonymity because the formal announcement has not been made.
The official said the total cost to taxpayers over 10 years would be $30 billion, with most of the money being recouped as the economy strengthens.
By Associated Press Writer Julie Pace
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ROTTEN-TO-THE-CORE SYSTEM, OF WHICH BOTH OUR CORPORATE/BUSINESS LEADERS AND OUR ELECTED OFFICIALS ARE PART, AND WHICH THEY CONTINUE TO PERPETUATE
It is no secret by now, that there is a conspiracy to keep our elected officials', our corporate/business leaders', and their financiers' party going, even if it means total downfall of America.
Our un-backed, paper dollar 'money' system, can accurately be described as one ginormous, fraudulent Ponzi scheme that is forced upon us with Federal government, The Federal Reserve, Ben Bernanke, the banks, Wall St investment bankers, commodities traders and other financiers wrongfully colluding, to make the people support their house-of-cards system, which provides said conspirators and their cronies a rather lavish lifestyle....
...while robbing the people.
Furthermore, Obama as well as our lawmakers in Washington, all have already been made fully aware of the facts that our financial/stock, precious metals, and other markets, are manipulated by a handful of major investment bankers, commodities traders and other financiers, who have the full blessings of our lawmakers - including Obama - in order to sell the notion that the dollar - which is no longer backed by gold or silver - has value.
JP Morgan Chase, and Goldman Sachs are two of the known manipulators who among committing other wrongful acts, create and support a system of selling air , worthless representational paper and 'derivatives', thereby detracting monies from directly supporting prices of the REAL underlying commodity or asset.
Our entire economy is artificially propped up by nearly unlimited printing of unbacked paper money(call it life-support measures), which at this time, is intended only to postpone financial doomsday for a delayed, even worse one, as our leaders drag us deeper and deeper...
Our leaders are using their positions of power and their 'expertise' to dupe us into believing that things are improving, when in reality, they only care about preserving their own states of high living.
If our lawmakers are really concerned about the average person, why don't they sacrifice portions of their own salaries, perks, pensions, etc? The answers to the forgoing is likely too disturbing and foundation-rocking for many - including our lawmakers and President - to answer!
ROTTEN-TO-THE-CORE SYSTEM, OF WHICH BOTH OUR CORPORATE/BUSINESS LEADERS AND OUR ELECTED OFFICIALS ARE PART, AND WHICH THEY CONTINUE TO PERPETUATE
It is no secret by now, that there is a conspiracy to keep our elected officials', our corporate/business leaders', and their financiers' party going, even if it means total downfall of America.
Our un-backed, paper dollar 'money' system, can accurately be described as one ginormous, fraudulent Ponzi scheme that is forced upon us with Federal government, The Federal Reserve, Ben Bernanke, the banks, Wall St investment bankers, commodities traders and other financiers wrongfully colluding, to make the people support their house-of-cards system, which provides said conspirators and their cronies a rather lavish lifestyle....
...while robbing the people.
Furthermore, Obama as well as our lawmakers in Washington, all have already been made fully aware of the facts that our financial/stock, precious metals, and other markets, are manipulated by a handful of major investment bankers, commodities traders and other financiers, who have the full blessings of our lawmakers - including Obama - in order to sell the notion that the dollar - which is no longer backed by gold or silver - has value.
JP Morgan Chase, and Goldman Sachs are two of the known manipulators who among committing other wrongful acts, create and support a system of selling air , worthless representational paper and 'derivatives', thereby detracting monies from directly supporting prices of the REAL underlying commodity or asset.
Our entire economy is artificially propped up by nearly unlimited printing of unbacked paper money(call it life-support measures), which at this time, is intended only to postpone financial doomsday for a delayed, even worse one, as our leaders drag us deeper and deeper...
Our leaders are using their positions of power and their 'expertise' to dupe us into believing that things are improving, when in reality, they only care about preserving their own states of high living.
If our lawmakers were really concerned about the average person, why don't they sacrifice portions of their own salaries, perks, pensions, etc? The answers to the forgoing is likely too disturbing and foundation-rocking for many - including our lawmakers and President - to answer!
by Dave_P6 September 7, 2010 9:54 AM EDT
'Obama's going to push hard to stimulate the economy, wouldn't it be a shocker if we see Republicans get in the way.'
Shouldn't he have been doing this for the last 18 months instead of trying to ram is agenda down our throats. Don't you think just maybe if he had done that the Democrats wouldn?t be looking at the massacre they are in November?"
He's got a lot of important stuff on his plate and at least he's stepping up his efforts on the economy now.
People, the economy has been growing, not shrinking, for months and months now. Yes the recovery is sputtering a bit, that's why we need to take action to stimulate the economy. Throwing out Dems and putting a bunch of Republicans in the Senate/House is only going to make things worse.
Because they could not get through financial approvals in congress or regulatory challenges or being picketed and boycotted and threatened with racist chants outside their establishment if they did not play ball that is how you moron. Do you not remember the Business complaints against the extortions of the Rainbow Coalitions or the reports of how Acorn was getting people they knew were not qualified into being accepted by falsifying documents.
I never heard of ANY of that. Got links / sources of information? (Somewhere credible too - NOT Fox News.)