Posted on 09/05/2010 9:22:24 AM PDT by Dubya-M-DeesWent2SyriaStupid!
(Adds details)
WASHINGTON, Sept 5 (Reuters) - President Barack Obama will ask the U.S. Congress on Wednesday to increase and permanently extend a tax credit for business research as a way of boosting job growth, an administration official said on Sunday.
The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks, said the official, who spoke on condition of anonymity.
Obama will call on Congress to increase to 17 percent from 14 percent one of two credit options available to businesses, the official said.
(Excerpt) Read more at reuters.com ...
But . . But . . But . . .I thought the long-codified Resarch Credit was only a giveaway program/corporate welfare for the evil USA companies?
So...give tax breaks to business efforts that don't pay off for several years, and penalize current activity by closing breaks that are helping right now. Yeah, that's the ticket!
“Obama would pay for the plan by closing other corporate tax breaks”
The circular file continues.
What the heck is this? What invention in the name of stick to the american people and capitalism is this imbecile coming up with now?
More borrowing from Wong Chung Lee to pay Sam to pay Paul to pay Peter Pan to screw America.
The time-value theory of money would suggest that closing tax breaks that help companies in the short-term would not help, and may hurt, companies in the long-term.
If the current value of the tax breaks in the short-term exceeds one in the long-term, then companies would actually be paying more value in relavant amounts.
Can Obama be more of an idiot? Does the MSM really think this last minute load of crap will get them re elected?
I absolutely hate it when the government and their left-wing lapdogs the MSM put it this way. It doesn't cost a thing. It may mean the government gets to confiscate less money from citizens and/or businesses. But it is not a "cost."
A cost implies it is the government's money and they are spending on something. It is not the government's money. It rightfully belongs to the businesses. This continual referral to tax reductions as "costs" sets the wrong relationship between government and the citizens and businesses that support it monetarily through these confiscatory tax policies.
...and Obama would pay for the plan by closing other corporate tax breaks, said the official, who spoke on condition of anonymity.
I will 100% guaran-damn-tee you that hussein increases taxes on companies far more than the "break" he may give them on research. This is a sucker ploy, just like when they crowed about trimming all of 17 million from a budget just before blowing 700 billion on porkus.
$10 Billion per year is a rounding error in his annual deficits. What a joke.
Oh goody. The protectionist racket has found another cause.
Everybody have fun tonight...
Everybody do GREEN research tonight...
Everybody Wang Chung tonight....
Very well said!
LOL
Everytime I think he cannot, he proves me wrong.
These fools have no idea what they are doing. Or do they? To accomplish these plans, they will have to borrow more money from other countries. The borrowing, spending must stop and tax relief needs to be given to all Americans. You can’t tax the wealthy and not expect the middle class to pay for it. The wealthy will simply increase the price of their goods and the middle class will pay for it. Everything this admin has done has failed. Which means that they don’t know what they are doing. In the process, they will totally ruin this country.
| pay for the plan by closing other corporate tax breaks
There ought to be a law restricting how stupid someone can be before they're no longer allowed to write news stories. I mean, what kind of idiot writes this up as if it were anything but a PR stunt by politicians who are trying to bamboozle people? |
“”business research” = fairytale pie in the sky green technology crap.”
Agree. Plus, I’m sure there will be all kinds of other strings attached to the credit, and very few companies will qualify, or see a need for it (while at the same time, losing their other tax breaks).
YEs. Go to google type Obama click news. They are having organisms over this in the MSM.
After this garbage is hundreds more articles saying Obame will be targeting (helping) the middle class.
Does the MSM/Obama think people are this dumb?
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Take it out of one pocket and put it in the other... yeah, that'll make a huge difference.