Posts Tagged ‘Economy’
Obama Proposes Tax Break for Small Businesses : Sept 9, 2010 from Legistative Update
National news impacts us locally many times, and this is a case in point:
As expected, President Obama, during a speech in Ohio September 8th, announced $180 billion in new tax and economic-recovery proposals. The outlined proposals would expand and permanently extend the research and development tax credit that lapsed in 2009; allow businesses to write 100% of their investments in equipment and plants off their taxes through 2011; and pump $50 billion into the economy for highway, rail, airport and other infrastructure projects.
The president proposed extending the current tax rates for households with incomes below $250,000 for couples and $200,000 for individuals, but said the nation could not afford to extend Bush-era tax cuts for the wealthiest taxpayers above those cutoffs. Obama also called on Congress to pass the ABA- and ICBA-backed small-business lending bill (H.R. 5297) when it returns next week.
