Obama Plans to Propose $38 Billion Business Tax Break

Business Week ^ | 1/27/10 | Ryan J. Donmoyer and Roger Runningen

[Nachum]

Jan. 27 (Bloomberg) -- President Barack Obama tonight will propose extending through 2010 a temporary tax incentive that encourages businesses to accelerate purchases of equipment, an administration official said.

Obama will call for renewal of the 50 percent so-called bonus depreciation in his State of the Union address to the nation, said the official, who spoke on condition of anonymity.

Extending the break, which expired Dec. 31, would save companies that make purchases of equipment such as tractors, wind turbines, solar panels and computers a total of $38 billion over this year and next by allowing a 50 percent write- off of the cost in the first year, the official said.

[Nachum]

And not a dime for small businesses

[goldstategop]

No tax cuts for the middle class. I guess they had to give something up somewhere.

"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus

[Phantom Lord]

What? Obama extending "Bush's tax cuts"! The left should be in a rage. But they will instead play this as Obama's idea.

I predict the income rate reduction of the Bush years will remain in place when all is said and done as well.

[tongue-tied]

Wind turbines and solar panels? Sounds like more of the green initiative.

And you're right, nothing for small businesses.

[cranked]

$787 BILLION to bailout idiots who placed the economic structure and foundation of this country at severe jeopardy but a mere $38 billion to the engine of growth and jobs in this country?

Jack Squat, one word for ya: I-D-I-O-T-!

[poobear]

So, who’s butt is this waxing? Not mine. Small Business Owner.

[Cobra64]

Everything this jerk does is an obscene joke.

[updatedscreenname]

I’ll say it again, running any business is like being in a poker game. The game only works when the rules and odds are predictable. 0 has no idea that his style and agenda are upsetting the rules and odds. On top of this the hands being dealt aren’t so good. So, who is going to go all in on a 2 and 5 off suit?

The real problems aren’t being addressed:
Taxes, Health care costs, Energy costs, Credit

[McLynnan]

He’s just throwing darts at the dartboard as usual. No clue about cause and effect. One of these days he’s going to accidentally do something right.

[Wuli]

It ended on December 31, because the great one and the rest of the Dims were against extending it.

Now - after Virginia, New Jersey and Massachusetts spoke - he's willing to put it back into affect.

Before he was again it, now he be for it.

Is he honest enough to admit that economic recovery will come from what the private sector is let go to do, without political coercion, and not from what is drained from the private sector into political programs??? Doubt it.

[tcrlaf]

A tax breah for evil CEO’s,

That should send his whacko worshippers in to orbit...

[clintonh8r]

I inherited

these polls from the previous

administration.

The haiku of FAIL.

[Eric in the Ozarks]

$38 billion ?
Yawn.

[doodad]

How about giving the taxpayers a break?

[Buckeye McFrog]

see Lenin: V.I.; New Economic Plan: 1921

(gotta feed the golden goose a bit before you bleed it again)

[Wyatt's Torch]

Let me be clear: CUT THE F**KING MARGINAL RATE YOU MORON.

Have a nice day...

[Senator John Blutarski]

..... I was going to go off into a big rant about this ridiculous offer of crumbs, but you said everything that needed saying.

Bravo.

[Blood of Tyrants]

If a temporary tax cut is good, why isn’t a permanent tax cut.

[Tallguy]

...would save companies that make purchases of equipment such as tractors, wind turbines, solar panels and computers a total of $38 billion over this year and next by allowing a 50 percent write- off of the cost in the first year, the official said.

Yes, but T. Boone Pickens & the CEO of GE will probably gain another year to sell-off the divisions that make this cr@p & leave some other guy holding the bag when economic reality dawns on the "Green Economy."

[Blood of Tyrants]

His dart board has been sanitized on anything that would be meaningful to the real world and instead focuses on stupid, pie in the sky, liberal wet dreams.