Official: Obama to back more business tax breaks

[babylonsister]

Official: Obama to back more business tax breaks

JULIE PACE
AP News

Sep 07, 2010 08:09 EDT


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 $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday.

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 $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies.

The proposals would requires congressional approval, which is highly uncertain given Washington's partisan atmosphere. With the public worried about adding to the mounting federal deficits, and Republicans saying spending is out of control, even many Democratic lawmakers are reluctant to approve new spending so close to the midterm elections.

more...

http://www.talkingpointsmemo.com/news/2010/09/official_obama_to_back_more_business_tax_breaks.php?ref=fpa

[earthside]

1. Who wonders why ...

... progressives, liberals and Democrats are demoralized?

"An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday."

Two hundred billion dollars in tax breaks for businesses -- meanwhile, off-shoring of jobs continues, costs for health insurance keeps going up, college tuition is up, government fees for all kinds of licenses, permits, etc. are up -- the middle class is getting killed out here!

I am very sadly convinced that Pres. Obama and his White House are so out-of-touch with average Americans that they do not even know or comprehend just how bad their political predicament is: catastrophic.