Re: Obama to introhttp://www.debatepolitics.com/newreplyduce another business tax cut
Here's the facts guys, this tax break is NOT a new idea. Its been in affect one way or another since 2002, Obama is only making it bigger and faster, a trend that has been in affect since 2003. From the WSJ:
History of the tax break:
2002: Allowed 30% write-off for three years.
2003: Rate rises to 50%
2008: Small businesses allowed to write off value of investment up to $250,000. 50% allowed for larger companies.
2009: Both extended a year
2010: Both under consideration in Congress.
Source: Tax Policy Center
Obama to Push Tax Break for Business Investment - WSJ.com
As for the Bush tax cuts, they aren't that big to begin with and compared to the entire economy of the US and the world in this recession it's a drop in the bucket. Here's the figures from the same WSJ article.
Mr. Obama and many congressional Democrats want to eliminate the current 33% and 35% rates for higher earners, and return them to pre-Bush levels of 36% and 39.6%.
3% and 4.6% are not game changers.
And as for those evil doer Harvard economists, the kind that have been on economic advisery boards for the government and private think tanks, here's one that brings up a real concern with this idea.
But another economist, N. Gregory Mankiw, of Harvard University, and another former CEA chairman under President Bush, questioned whether the Obama proposal would have a big impact. Businesses can already take out a bank loan at extremely low interest rates to pay for new investments in plants and equipment, but they are not doing so, he said. It's unclear why they would make those investments for a tax break.
I guess as long as they agree with your opinion than academia isn't so bad? Also the proposals for the 50 Billion infastructure fund and this tax break will be in seperate bills, so Republicans or anyone else can vote for one and not for the other, without being forced into anything.
Now that was all from ONE WSJ article, ain't reading, understanding and fact checking great? I mean it won't cut into your opinion sharing time that much.