He just can't bring himself to just cut taxes on the "rich" corporations while never realizing that CORPORATIONS DON'T PAY TAXES! They pass on taxes as a cost of business to the consumers.
Make the tax cuts permanent, Oh Oneness, and things won’t go as bad.
He is faintly proposing this.
“President Obama, in one of his most dramatic gestures to business, will propose that companies be allowed to write off 100 percent of their new investment in plant and equipment through 2011, a plan that White House economists say would cut business taxes by nearly $200 billion over two years. “
Companies do not need new plants and equipment. They need customers who are now unemployed because of hair-brained schemes that cost 700 billion dollars.
Just another pithy sound bite that the Republicans are free and encouraged to use.
The issue here is JOBS, and Obama appears to be unwilling to come to grips with it.
Where we’re you 20 months ago?
An then the small print tells you that he’s at the same time proposing raising business taxes in other areas - for amounts that won’t be specified until some later date.
Ah...this is the part where Dem candidates paint the GOP as the “party of no” that doesn’t want to help business!
Wonder what’s going to happen to the Bush tax cuts?
Note how he packaged this bill with 50 billion in new spending, so if Repubs don’t go for it b/c of the spending, he can blame them for not wanting tax cuts, leading up to the November elections.
This will pass through the new Republican Congress and Senate in November, so just you hold on there, Obamy baby!
I agree, an across-the-board cut would be even better.
However, allowing ALL capital investment to be deductible in 2010 and 2011 is the next best thing. Well, as long as it comes with no strings attached.
Certain buiness expenses have to be written off over a number of years. Others may be expensed ad they occur, office supplies, phone bills, power bills etc. Large ticket items are ‘’written off’’ over a longer period of time as a favor to the tax collecter, not the business.
this is the reason we are in a Social Depression. The obmanation strikes again... against America.
Note that this does nothing to help small businesses, the creators of 70% of all new jobs.
This is like the tax break for hiring new employees: several thousand dollars worth of tax write-offs in return for $50K in salary, Workman’s Comp and health insurance expenses to the business.
Dumbass.
Remember the Saturn plant in Springhill Tennessee. He punished Tenn and the south for voting Republican, by shutting that plant down and giving the jobs to Michigan. There going to be some bitter years in the south over it.
Another guess is the tax breaks will be for Green Jobs, either way I'm sure it is stealing money for the tax payer to give to their businesses of choice.
PROOF THAT KEYNESIAN ECONOMICS IS AN ABYSMAL FAILURE. The problem is these "tax cuts" are only through 2011 which will only spur minimal capital investment for Q4/2010 through Q3/2011. After that we're right back where we are today and will remain here until sustained tax relief that spurs long term growth is passed.
As we all know, that won't happen until after the 2012 Presidential Elections and the end of Obummer's first and only term in office.
For a 2 year reprieve on what I can spend up-front before end of 2011, I then have much higher taxes far into the future in health care, obama denial of bush tax cuts, cap n tax, vat tax, and other democratic increases.
No thanks.
“CORPORATIONS DON’T PAY TAXES! “
Start a corporation for 10 years oh wise one and tell me if Corporations don’t pay taxes1 Moron!
Why then aren’t they hiring?
Corporation S Owner!