[gov_bean_ counter]

“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. “

Sorry Obie, but GAAP ain't just that space between your ears.

[Repealthe17thAmendment]

Sorry Obie, but GAAP ain't just that space between your ears.

I'm not an accountant, but I am an accounting student.

Aren't capital investments already fully tax deductible?

[KansasGirl]

[GAAP ain’t just that space between your ears.]

GAAP doesn’t effect tax write-offs, the tax code does. That is why you have M-1 adjustments on your tax return, it is the reconciliation of tax and book (GAAP) differences.

[curiosity]

Sorry Obie, but GAAP ain't just that space between your ears.

This would only effect accoutning for tax purposes, not financial reporting purposes. Captial investment is already treated differently for the two, with must faster depreciation allowed for tax purposes. This proposal would only accelerate it further, an making it immediate.