Official: Obama to back more business tax breaks [View All]

[Fumesucker]

I don't know about you but I was worrying myself sick that corporations might be paying too much in taxes, this move by Obama relieves my mind on this point greatly..

http://news.yahoo.com/s/ap/us_obama_tax_breaks

By JULIE PACE, Associated Press Writer – 7 mins ago
WASHINGTON – President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections.

An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday.

Amid an uptick in unemployment to 9.6 percent, and polls showing that the November election could be dismal for Democrats, Obama has promised to propose new steps to stimulate the economy. In addition to the business investment tax breaks, he will also call for a $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies.

The proposals would require congressional approval, which is highly uncertain given Washington's partisan atmosphere and the approaching midterm elections — a reality that's not lost on the White House.