|Published:||Sep 07, 2010 12:06 PM EDT|
|Updated:||Sep 07, 2010 9:07 AM EDT|
WASHINGTON (AP) - An administration official says President Barack Obama will call for new tax breaks to allow businesses to write off 100 percent of their new capital investments through 2011.
The official says the latest plan would save businesses $200 billion in taxes over two years, allowing companies to have more cash on hand.
The plan is the latest in a package of economic proposals Obama is announcing in hopes of jump-starting the economy ahead of the November election. He is also calling for a $50 billion investment in infrastructure and a permanent extension of research and development tax credits for businesses.
The official spoke on the condition of anonymity because the proposal has not been formally announced.
- Obama opens health plan sales campaign
- Obama, in speech, to focus on income disparities
- Lawyer: NY Engineer had 'daze' before train crash
- Mandela putting up 'courageous fight'
- Wags and barks speak volumes when talking to dogs
- Newtown to release 911 calls from school shooting
- Ex-EMS from devastated Texas town faces sentencing
- LA airport shooting suspect to appear in court
- US court: Negligence not cause of 3rd WTC collapse
- Autopsy: Actor died from impact, fire in crash