(CNN) – In another move aimed at stabilizing the still-shaky economy, President Barack Obama on Wednesday will introduce a new $200 billion tax cut giving businesses across the country an incentive to buy new equipment in the short term, according to a senior administration official.
The tax cut would allow businesses to write off 100 percent of new investments in plants and equipment made between now and the end of 2011, according to the senior administration official.
The new tax cut will be in addition to a $100 billion permanent extension of the business tax credit for research and development, as well as $50 billion in new infrastructure spending included in a package that the president will officially unveil Wednesday during an economic speech in Cleveland, Ohio.
Smart move. Now let's see the GOP try NOT supporting tax cuts for businesses. It will put them on the defensive to try to find a way to make tax cuts look bad.
This will show that they are about idealogy and not really governing. All they have talked about is tax cuts, tax cuts, tax cuts. Well, here are the tax cuts. Now vote against them, make tax cuts look bad. Then defend the Bush tax cuts. It will be hyprocrisy at its best.
$200 billion for new EQUIPMENT?
Mr. President – perhaps I'm missing something. When are you going to promote incentives for companies to hire people?
Are there any
'catches' to this program, like perhaps the small businesses need to align with union rules, etc? Or maybe government oversight daily, or new electronic surveillance? Huh?
The Obama team didn't learn from the stimulus program that people want the government to stop the ridiculous spending that's going on.It's ok to spend money on infrastructure when we get our economic house in order but it is foolish when we're broke and have to pile on more debt.
Barry's pre lame duck strategy to smooze up to the republicans
Announcing new business tax cuts while attending a union celebration event? I guess it's obvious which businesses will benefit from this next deficit multiplier. Half a million people have lost their jobs because businesses can't afford to keep them on; so how are they going to afford to just spend money they don't have on new equipment? Oh wait, the Democratic controlled Congress of the last four years has already been doing this and is ready to do it again with another stimulus; no worries then. I guess you don't need money, just legislation and it will be just fine.
Wake up America, get informed from verifiable sources (not Sharpton, MSNBC, or any of those other idiots), and vote to correct this downward spiral of this country's finances and lack of spiritual steadfastness.
The CNN poll today is misleading. My choice was "What Job", but only because I've been retired for 11 yrs and doing just fine thank-you. Not wealthy, just smart. Ask retirees and most will tell you we don't over spend and invest wisely.
A tax credit for new equipment..............Obama we have no businesses
that need new equipment. All our manufacturing is done overseas. I guess the engineers who are now cleaning houses might need a new vacuum cleaner though. End stupid government regulations like determining how big holes in swiis cheese can be and bring our jobs back thru tariffs on goods made out of this country and stop outsourcing jobs thru taxes on employers who outsource. Obama wake up or get out.
Rendall says Obama feels unloved, I DOUBT IT!! He is the type of person that does not care what people think of him, he is doing what he promised to do even with every block put in his path he still struggles on.
I think the problem with a lot of people repubs and dems is they wish they had the guts and hutzpuh to be more like him. THEY ARE JEALOUS.
The repubs don't like his plans because it will better this country and bring them down off their ivory towers where they have lived so long and don't know how the middle class has to struggle from day to day.
I live in the state of Tn. we have on of the richest senators in the country in this state, and yes I have told him to come down off of his ivory tower and see exactly how we live.
I have heard complaints about no jobs, but every venue like football concerts, tennis matches, golf matches etc are sold out packed with people, you cannot go by a restaurant without it being completely packed, someone answer me how can people be doing this if no one has a job!!!!!
And republicans will filibuster this too, just so they can keep claiming how it is somehow Obama's fault that nothing gets down. Even though they have been demanding this very tax cut for over a year. If Obama gave in and let the republicans write 100% of every bill, they would still vote it down just to oppose Obama.
Someone needs to tell our president that tax cuts really don't work, certainly not in the long term. Trickle-down economics fails because the wealthy really don't use their tax breaks to benefit everyone else- they keep their money to themselves. And here's the best part: despite the fact that he's doing exactly what the GOP wants, they're still gonna rip into Obama. When these tax cuts don't work, Republicans will continue to lacerate Obama- and then call for more tax cuts! What's worse- the lethargy of the current administration or the shameless opportunists on the Right? It's a hard call.