Obama to propose $300 billion in tax breaks for business

[GeorgeGist]

Source: McClatchy Newspapers

WASHINGTON -- President Barack Obama on Wednesday will propose $300 billion in accelerated or expanded tax breaks for business, a jolt of cash that he says would jump-start hiring and help revive the nation's economy.

Speaking in Cleveland, Obama will ask Congress to send $200 billion in tax cuts to businesses by allowing them to write off more of their costs through 2011. He'll also propose expanding and making permanent a tax credit for research and development. That would cost $100 billion over 10 years.

The proposals are part of Obama's weeklong pitch to show the country that he's aggressively pushing new and recycled proposals to help create jobs. On Monday, he proposed $50 billion in quick federal spending to repair roads, railways and runways. On Friday, he plans a White House news conference, very likely to include questions about the economy.

His Democratic Party faces potentially big losses in November's elections for control of Congress, driven by voters' worries about the economy.



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Read more: http://www.miamiherald.com/2010/09/08/1813892/obama-to-propose-300-billion-in.html