Posted on 09/05/2010 5:22:25 PM PDT by fightinJAG
President Obama will ask Congress to pass a $100-billion plan to expand and permanently extend the tax credits for businesses that invest in research and development, part of a larger plan for spurring the economy that he is to unveil in greater detail Wednesday.
In an address at a Cleveland-area community college, Obama will call for an increase to 17% from 14% in one of the credit options available to businesses, an administration official said Sunday.
Obama will propose paying for the plan in part by closing corporate tax breaks for multinational corporations and some energy companies.
The president will announce his plan to extend the tax credits along with proposals to increase spending on highways and other infrastructure projects and to continue the middle-class portion of the Bush administration tax cuts. Those tax cuts are scheduled to expire in four months.
The president's proposals are likely to have only a modest effect on the economy in the short term. Republicans oppose Obama's economic policy, making more sweeping proposals politically untenable for the Democratic president.
(Excerpt) Read more at latimes.com ...
“President Obama will ask Congress to pass a $100-billion plan to expand and permanently extend the tax credits for businesses that invest in research and development, part of a larger plan for spurring the economy that he is to unveil in greater detail Wednesday.”
In other words, he is taking our tax money and sending it to Al Gore and friends for Carbon Credits in the name of Green technology.
This is part of Obama’s rope-a-dope strategy. Once he makes us think this kind of stuff is all he’s got, he will hit us with his real October surprises.
Don’t get cocky. We are dealing with The Chicago Way on steroids here: buy votes with taxpayer money, intimidate, and lie.
Sent a few bucks to some Republican. Please.
hussein steve alinsky!!...
http://bigjournalism.com/mwalsh/2010/09/05/must-read-of-the-day-andy-mccarthy-on-saul-alinsky/
Tired of his bullsh## and lies! period! he fools no one. Can we all say Van Jones
“along with proposals to increase spending on highways and other infrastructure projects”
Have we not already been down this road before? (No pun intended)
something very similar to this was posted earlier today
http://www.freerepublic.com/focus/f-news/2583639/posts
Am I the only one seeing a problem here?
A $100 billion dollar plan to promote R & D...in pink unicorn's and green weenies.
research/development/manufacturing should never be taxed to be honest
Tax breaks for the people who don't use them...
Jack the price of asphalt while promising to build more roads.
Yeah, that makes sense...
If you want to put this country back on a paying basis you need to get the politicians, regulators and bureaucrats out of the way.
What the Dims called “Targeted Tax Cuts” used to be called “loopholes” and it required great effort to remove many of them from the tax code in the 80s.
permanent tax credits for R&D are important. Temporary tax cutting is keynesian nonsense that doesn’t really affect behavior.
it really depends. If he says to certain companies: “I’m gonna raise your rate,” that’s bad. If he removes special credits that only apply to energy companies, that’s the right approach. We need tax cuts that apply to all companies and not special ones for special companies.
This is just the least distasteful (to him) of all the things he might do, and meant to take this play away from the R’s. Absent other reforms it will have little effect.
A complete WASTE !!
Although, R&D tax credits were always very successful in the past ..........IT TAKES YEARS AND YEARS to develop and bring to market an invention. Before, you can use these tax credits you have to have profits & tax to have the credits offset.
Buying an R&D Company for the R&D credits is very restrictive ...and therefore you never hardly see it happen.
If Obama THINKS this will help the economy ...HE IS MORE STUPID than I ever gave him credit for !!
The solution is simple. End all tax credits for all groups and individuals. All of them. 100%.
End all taxation that is intended to alter a behavior.
At one point in our history of income tax, only Corporations (incorporated as an extension of the States) and Government employees were to be taxed as they enjoyed protections under the US Government. Unincorporated business were left to fend for themselves like in any free market.
Payroll tax was unheard of.
The MSM will hail this as the greatest most prosperous proposal to fix the economy, by any president at any time.
Just watch and see.
to little, to late, not enough tax cuts
Nope.
“
Obama to seek extension of R&D tax credits
“
I hope some brave (and career-suicide) journalist will ask Obama to
say what the initials in “R&D” stand for.
If he knows, then a follow up would be interesting...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.