Obama to urge new tax breaks be passed
Source: Agencies |
September 8, 2010, Wednesday
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Print Edition
Print Edition
UNITED States 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 showing action on the economy ahead of the November elections.
An administration official said the tax breaks would save businesses US$200 billion over two years, allowing companies to have more cash. Obama will outline the proposal during a speech on the economy in Cleveland today.
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 US$50 billion infrastructure investment.
The proposals require congressional approval, which is highly uncertain given Washington's partisan atmosphere.
"The White House is missing the big picture. None of its plans address the two big problems that are hurting our economy: excessive government spending, and the uncertainty that their policies ... are creating for small businesses," said John Boehner, leader of the Republican minority in the House of Representatives.
Concerns over adding to the mounting federal deficit could also keep some Democratic lawmakers from approving new spending so close to the midterm elections.
And even if legislators could pass some of the proposals in the short window between their return to Capitol Hill in mid-September and the polls, it's unlikely the efforts would drive the economy by November.
An administration official said the tax breaks would save businesses US$200 billion over two years, allowing companies to have more cash. Obama will outline the proposal during a speech on the economy in Cleveland today.
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 US$50 billion infrastructure investment.
The proposals require congressional approval, which is highly uncertain given Washington's partisan atmosphere.
"The White House is missing the big picture. None of its plans address the two big problems that are hurting our economy: excessive government spending, and the uncertainty that their policies ... are creating for small businesses," said John Boehner, leader of the Republican minority in the House of Representatives.
Concerns over adding to the mounting federal deficit could also keep some Democratic lawmakers from approving new spending so close to the midterm elections.
And even if legislators could pass some of the proposals in the short window between their return to Capitol Hill in mid-September and the polls, it's unlikely the efforts would drive the economy by November.
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