Hot on HuffPost:

See More Stories

Obama to Urge $100 Billion Tax Credit for Businesses

1 year ago
  0 Comments Say Something  »
Text Size
Looking for ways to jump-start the economy, President Barack Obama will call for a $100 billion research and development tax credit for businesses this week, The Washington Post reports. Obama is expected to announce the initiative in a speech Wednesday in Cleveland.

The proposal would increase and permanently extend research and development tax credits for businesses, rewarding companies that develop new technologies domestically and preserve American jobs. It would be paid for by closing corporate tax breaks for multinational corporations and oil and gas companies.

Laura Tyson, a member of Obama's Economic Recovery Advisory Board, admitted Sunday on "Face the Nation" that such a move would not have an immediate impact on jobs, "but I think it's very important in terms of job creation over the longer term."

Faced with a sluggish economy and dim Democratic prospects for the looming midterm elections, the administration is trying to increase hiring and undercut Republican allegations that Obama has hurt the business climate.

Our New Approach to Comments

In an effort to encourage the same level of civil dialogue among Politics Daily’s readers that we expect of our writers – a “civilogue,” to use the term coined by PD’s Jeffrey Weiss – we are requiring commenters to use their AOL or AIM screen names to submit a comment, and we are reading all comments before publishing them. Personal attacks (on writers, other readers, Nancy Pelosi, George W. Bush, or anyone at all) and comments that are not productive additions to the conversation will not be published, period, to make room for a discussion among those with ideas to kick around. Please read our Help and Feedback section for more info.

Add a Comment

*0 / 3000 Character Maximum Comment Moderation Enabled. Your comment will appear after it is cleared by an editor.

20 Comments

Filter by:
dboston1128

Why are we giving businesses another tax credit? Why not give the everyday consumer a break once in awhile? If the government would allow the interest on credit cards and auto loans as a tax deduction again it seems to me that the economy would get a shot in the arm and maybe increase the need for workers .I'm not very smart when it comes to politics,but this seems pretty obvious to me. Thank you.

September 07 2010 at 12:07 PM Report abuse rate up rate down Reply
Jackie

A business tax cuts to whom??? Companies who outsource or comapnies who stay in the UNITED STATES and provide jobs. Not to say he will do as he says he will, but Business's need to be specific. Buy MADE IN USA Products. POLITICIANS' LIE. YOu have some power. Read the label and REINVEST in AMERICA. Don't support companies who take their jobs elsewhere then expect you to spend your money on their product. This is the POWER you have to change things instead of listening to the lies of politicians to make things better. Do it yourself. Send a message, MADE AND STAYED IN USA.

September 07 2010 at 11:41 AM Report abuse rate up rate down Reply
Rob & Kathy

I remember Democrats saying, "McCain knows nothing about economics". It's obvious that Obama doesn't either...

September 07 2010 at 10:36 AM Report abuse +2 rate up rate down Reply
gtheel

This administration is lacking in people who understand small business , all they seem to want to do is spend there way into a better economy. History proves this will not work , so why keep trying to repeat history?

September 07 2010 at 10:30 AM Report abuse +2 rate up rate down Reply
andrc657

Republicans, who mostly represent poor districts, fight for nothing but TAX CUTS FOR RICH PEOPLE who mostly live in democratic districts. This makes no sense.

September 06 2010 at 8:07 PM Report abuse -10 rate up rate down Reply
kalterdennis

this guy is stuck in a 1940 mentality, building roads, with 1960 ideologies. He is repeating history and hoping it will have a differant out come. But then agian he know's exactly what he is doing.

September 06 2010 at 7:01 PM Report abuse +11 rate up rate down Reply
kntkywmn61

I suggest that we bring back the businesses that moved overseas and took our jobs with them. I further suggest that our government stop the tax breaks to those companies. That was idiocy when it happened and it is worse now. People wonder where the jobs went. They went to India and China and other places overseas..And were paid to do so by the big tax breaks.

September 06 2010 at 6:52 PM Report abuse +10 rate up rate down Reply
Michael

Why now? Why not 20 months ago? Oh. "Laser focus" on jobs. My foot.

September 06 2010 at 6:28 PM Report abuse +10 rate up rate down Reply
Shirley Davidson

$100 billion for business and $0 for the seniors once again this year. No SS raise. The seniors spend the money when they get it, but business does not necessarily make job just because they get extra bucks. Who said life is fair........

September 06 2010 at 5:36 PM Report abuse +9 rate up rate down Reply
1 reply to Shirley Davidson's comment
wolfsonnydiane

JUST WAIT TILL THE REPUBLICANS GET IN YOU WONT BE COMPLAINING ABOUT NO IN CREASE IN SS YOUL BE CRYING ABOUT THE REDUCTION IN YOUR BENEFIT. jUST REMENBER REPUBLICANS HAVE OFTEN STATED THAT THEY WOULD PREFERR TO DO AWAY WITH SS ESPECIALY THE TEA PARTY LEADER DICK ARMY

September 06 2010 at 9:20 PM Report abuse -10 rate up rate down Reply
ROBERT

Actually those failed policies belong to both sides of the isle, dating back as far as the JFK days. Now we have this monster of a government that is too fat to change overnight. We need some new blood in DC that is willing to tackle the real problems within our government and give us back our country. You cannot solve problems by throwing money at it. You have to fix the cause.

September 06 2010 at 5:06 PM Report abuse +12 rate up rate down Reply
1 reply to ROBERT's comment
orangeb1811

What we need to do is take the big money out of the pockets of our elected representatives; and keep the payoffs away from their friends and financial backers who benefit from all the reckless spending. Campaign financing is just a minor piece of the Washington culture of theft, deception, and ignoring the electorate.

September 06 2010 at 8:31 PM Report abuse +10 rate up rate down Reply

Follow Politics Daily

  • Comics
robert-and-donna-trussell
CHAOS THEORY
Featuring political comics by Robert and Donna TrussellMore>>
  • Woman UP Video
politics daily videos
Weekly Videos
Woman Up, Politics Daily's Online Sunday ShowMore»
politics daily videos
TV Appearances
Showcasing appearances by Politics Daily staff and contributors.More>>