Tax breaks for business coming from Obama

Reno News.Net
Tuesday 7th September, 2010

President Obama is to call for business investment tax breaks.

The president already has a proposal in mind to allow companies to write off new capital spending to allow them to speed up their investment strategies.

The president will call on Congress to pass new tax breaks to allow the participating businesses to write off 100 percent of their new capital investments through 2011.

In the latest of a new series of economic proposals from the White House, the Obama administration has been rolling out ideas in the hope of restarting economic growth ahead of the November elections.

The tax breaks will be designed to save businesses $200 billion over two years, by allowing them to have more cash on hand.

The president will outline the proposal during a speech on the economy in Cleveland, Ohio, on Wednesday, where he will also call for a $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies.

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