Posted on 09/06/2010 7:27:32 PM PDT by Blood of Tyrants
President Obama, in one of his most dramatic gestures to business, will propose that companies be allowed to write off 100 percent of their new investment in plant and equipment through 2011, a plan that White House economists say would cut business taxes by nearly $200 billion over two years.
The proposal, to be laid out Wednesday in a speech in Cleveland, tops a raft of announcements, from a proposed expansion of the research and experimentation tax credit to $50 billion in additional spending on roads, railways and runways. But unlike those two ideas, both familiar from Obama's 2008 campaign, the investment incentive would embrace a long-held wish by conservative economists that had never won support from either Republican or Democratic administrations.
(Excerpt) Read more at foxnews.com ...
He just can't bring himself to just cut taxes on the "rich" corporations while never realizing that CORPORATIONS DON'T PAY TAXES! They pass on taxes as a cost of business to the consumers.
Make the tax cuts permanent, Oh Oneness, and things won’t go as bad.
He is faintly proposing this.
“President Obama, in one of his most dramatic gestures to business, will propose that companies be allowed to write off 100 percent of their new investment in plant and equipment through 2011, a plan that White House economists say would cut business taxes by nearly $200 billion over two years. “
Companies do not need new plants and equipment. They need customers who are now unemployed because of hair-brained schemes that cost 700 billion dollars.
Just another pithy sound bite that the Republicans are free and encouraged to use.
The issue here is JOBS, and Obama appears to be unwilling to come to grips with it.
Where we’re you 20 months ago?
Sorry Obie, but GAAP ain't just that space between your ears.
An then the small print tells you that he’s at the same time proposing raising business taxes in other areas - for amounts that won’t be specified until some later date.
Ah...this is the part where Dem candidates paint the GOP as the “party of no” that doesn’t want to help business!
Wonder what’s going to happen to the Bush tax cuts?
Note how he packaged this bill with 50 billion in new spending, so if Repubs don’t go for it b/c of the spending, he can blame them for not wanting tax cuts, leading up to the November elections.
This will pass through the new Republican Congress and Senate in November, so just you hold on there, Obamy baby!
The problem is really not Obama, the real problem is the democrats, Obama is their spokesman for their party of idealist socialism, it not just Obama, it's the whole bunch of them. A lot of people hate me because I keep preaching that the policies of Obama are the policies of the Democrats so you need to stop just blaming Obama. For some reason a lot of people can not see that there is no conservative democrats, they are all socialists, the blue dog democrats are a thing of the long long past, long gone, we need to push that message on FR.
The others, of course, GET THE BOOT!
I agree, an across-the-board cut would be even better.
However, allowing ALL capital investment to be deductible in 2010 and 2011 is the next best thing. Well, as long as it comes with no strings attached.
Certain buiness expenses have to be written off over a number of years. Others may be expensed ad they occur, office supplies, phone bills, power bills etc. Large ticket items are ‘’written off’’ over a longer period of time as a favor to the tax collecter, not the business.
The GOP should jump on ANY tax breaks that Obastard suggests and then go back and ask for more, pointing out the problems with temporary and narrow tax cuts.
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