Thread
:
Obama seeks massive tax break for business; Analysts see boost of 1 million+ jobs
View Single Post
09-07-2010, 08:50 PM
#
1
freeringsf
Join Date
Oct 2005
Posts
501
Senior Member
Obama seeks massive tax break for business; Analysts see boost of 1 million+ jobs
LA Times:
http://www.latimes.com/news/nationwo...7.story?page=2
President Obama
this week will call for tax incentives that would allow businesses to write off 100% of new capital investment through 2011 — moves that the
White House
says could save businesses $200 billion over two years.
...
The proposal amounts to an acceleration of business tax cuts over two years, the White House said. Most of the money would be recouped by the U.S. Treasury over time as the economy strengthens, so the total cost to taxpayers over 10 years would be $30 billion, according to the Obama administration.
Several million people and 1.5 million businesses stand to benefit from the proposal, the White House said.
...
The president accused House Minority Leader
John A. Boehner
of belittling government jobs and derided the Ohio Republican as the "the man with the plan to be speaker." Referring to government workers, Obama said, "These are the people who teach our children. These are the people who keep our streets safe. These are the people who put their lives on the line for our own… I don't know about you, but I think those jobs are worth saving."
...
Private economists have estimated that the recovery act overall boosted employment by more than 3 million jobs. And analysts say there's little question that government spending on infrastructure can give a shot in the arm to the economy, generating a hefty amount of jobs for an industry that desperately needs them.
Construction employment is down nearly 2 million from late 2007, accounting for about a quarter of the nation's job losses over the recession.
Ken Simonson, chief economist at Associated General Contractors, a trade group, said Monday that $50 billion in government transportation spending could yield 1 million jobs or more — half in construction and related manufacturing and services, such as architectural and engineering, and the other half in supporting businesses.
Quote
freeringsf
View Public Profile
Find More Posts by freeringsf
All times are GMT +1. The time now is
04:30 AM
.