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Home Front: Politix

B.O. to propose permanent research tax credit

2010-09-06

[Khaleej Times]

President Barack B.O. Obama will ask the US Congress on Wednesday to increase and permanently extend a tax credit for business research as a way of boosting job growth, an administration officials said on Sunday.

The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks, said the officials, who spoke on condition of anonymity.

The B.O. regime is scrambling for solutions to tackle a 9.6 percent unemployment rate and invigorate an economy whose recovery from the worst recession in 70 years is in danger of stalling, with congressional elections looming.

Obama, who is to lay out this plan and other initiatives in a speech in Cleveland on Wednesday, is trying to both create jobs and help his Democrats hang on to control of Congress in Nov. 2 elections, when Republicans are poised to pick up seats and possibly take command of the US House of Representatives.

US television political talk shows featured debates on tax cut proposals on Sunday, the middle of a Labor Day holiday weekend that marks the informal start of the election campaign season.

University of California economics professor Laura Tyson, a member of the president's economic advisory board, said targeted job policies such as a partial payroll tax holiday and permanent tax cuts for research and development should be priorities in the current environment.

'All of us here agree we need targeted policies for jobs and right now the deficit is not a major issue,' Tyson told CBS's 'Face the Nation' program. 'The major issue is a slow economy, lack of jobs ... we really need to get our priorities right and focus on targeted job creation.'

Posted by:Fred

#16 Come November I sure hope to be singing this song...

Posted by: Enver Cleretle9244 2010-09-06 17:29

#15 Just jivin', Miss Daisy.

Posted by: Anguper Hupomosing9418 2010-09-06 15:49

#14 ~~their~~ there

Posted by: JohnQC 2010-09-06 13:54

#13 Broadhead6 has some good ideas. Has the Department of Energy done much to justify their existence? OSHA hasn't done much to improve job safety that I can tell. Workplace accidents showed a downward trend before OSHA. It continues today. The downward trend probably would have been their if OSHA had not. Does EPA do much for the environment? All these agencies should be questioned. Also do away with or severely limit the role of public unions.

Posted by: JohnQC 2010-09-06 13:53

#12 Not just the big businesses, look around at your restaurants/food service..most of those are fairly small local independant businesses with a nationwide recognizable facade and menu.

I was watching one of those edumacational channels the other day. People tried to make a power generating barrage balloon but of course it didn't work like it did on paper, "I don't understand, everything was fine in the wind tunnel but out here (on the wind shadow side of a hill with trees and shifting wind directions etc) it just didn't spin."

My point is what, hundred thousand bucks for material, whatever their time is worth, tens of thousands for the tv show advertising...that is the sort of project this encourages. Even the show said they would need millions of these things just to show up on the energy production charts.

Now y'all are thinking too traditionally; the idea for the future according to DC is the non-profit corp: now with new and improved tax bene's proposal just in case the flameless marshmellow roaster is invented, for the childrens of course. And it may employ some people, people completely dependant upon the *uhem* charity of government.

Posted by: swksvolFF 2010-09-06 11:28

#11 The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks

So this basically puts money in one pocket by taking it out of another. Economic genius!

Posted by: SteveS 2010-09-06 11:15

#10 I agree w/Mr. Ramsey. If the gov't wants to help the economy it ought to learn to get out of the economy's way. For every action there is an equal and opposite reaction, and a law of unintended consequence. I.E. - cash for clunkers - we all knew it would be a joke, and it was. It drove used vehicle prices up. The majority of the time the gov't manipulates a mechanism in our economy it exacerbates a problem vice remedying it. If I was emperor for a day I would cut the corporate tax rate as well as the federal income tax rates by almost 50%. I would either go to a fair or flat tax - and all Americans would have skin in the game - not just the job producers who I feel are overly taxed. I would also defund just about every non-constitutionally mandated gov't program. DeptofEd would go away & SocSec/medicare/medicaid would be transitioned out.

Posted by: Broadhead6 2010-09-06 10:53

#9 Bright Pebbles,
Agree 100%.

The great damage that "Health Care Reform" did is that it increased the cost of employing people. Large companies like Lockheed-Martin and Boeing figured that it increased their costs by a billion dollars. That is a lot of people not employed.

Posted by: Mike Ramsey 2010-09-06 10:49

#8 Only lowering the punishments for employing people (taxes on Working, Employing, buying and selling) can help the economy.

R&D and high taxes on productivity give you a highly efficient form of poverty.

Posted by: Bright Pebbles 2010-09-06 10:42

#7 You want to stimulate growth and thereby bring down unemployment? Simple. Cut the 2nd highest corporate tax rate in the world from 40% to 28%.

Bambi's training as a "community organizer" is how to shakedown the rich, not how to grow the economy.

How to pay for it?
1. 28% of a lot is more than 40% of v ery little
2. Cut unnecessary spending. E.g. Education, in a federated government, is a local responsibility. Eliminate the Dept. of Education.

Posted by: Mike Ramsey 2010-09-06 10:29

#6 Democratic death-throws, little more. Liberal accademia is the answer for wonks like Barry.

The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks, said the officials, who spoke on condition of anonymity.

.....producing higher prices and inflation. Surely someone has told him BUSINESSES DO NOT PAY TAXES, CONSUMERS PAY THE TAXES!

Posted by: Besoeker 2010-09-06 09:34

#5 Between now and November you are going to see a lot of "positive" talk from the left to try to sway the right. Smoke and mirrors.

Posted by: Enver Cleretle9244 2010-09-06 07:50

#4 *It doesn't seem that this will do a thing for small business and the creation of jobs.
*Where would the money go? National labs, universities? Hardly a large effect on job creation.
*So far Obama's Keynesian policies on steroids has not worked.
*Research has shown that R&D is not very sensitive to R&D tax incentives.
*There has been revenue loss from R&D tax credits in the past in the USA and Eu.

So. as AzCat said: They're scrambling for ways to appear to be taking the problems with the US economy seriously.

Posted by: JohnQC 2010-09-06 07:33

#3 The B.O. regime is scrambling for solutions to tackle a 9.6 percent unemployment rate and invigorate an economy ....

False. They're scrambling for ways to appear to be taking the problems with the US economy seriously.

Posted by: AzCat 2010-09-06 02:58

#2 We've had an R&D tax credit for years till the Donks let it expire. R&D in this country has gone the way of manufacturing. Bell Labx, Xerox Parc, Sarnoff Research Center all gone. We don't build anything anymore, we don't invent anything anymore. I suppose we can just community organize and sue our way back to prosperity.

Posted by: DMFD 2010-09-06 00:58

#1 Companies will permanantly reseach how to ~~game the system~~, er ~~take advantage of~~, uh avail themselves of this new distortion of the marketplace...

Posted by: M. Murcek 2010-09-06 00:46

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