Obama Team Plans Big Tax Cuts
By: Import User
Updated: January 5, 2009
(Washington, DC) -- Barack Obama's economic team reportedly is working on a tax-cut package that would offer $300-billion in refunds to individuals and businesses.
According to "The Wall Street Journal," the plan could "pack more punch" than tax cuts enacted by President Bush during his term in office.
The tax cuts would be part of a bigger economic stimulus package and would be geared toward winning Republican support in Congress.
Part of the plan calls for tax cuts for people who pay income taxes or claim the current earned-income credit.
Another part of the measure seeks to allow businesses to write off losses suffered last year and part of this year.
Another provision would encourage companies to put money into new investments and capital infrastructure.
A fourth facet calls for tax credits for companies that expand job growth or reverse layoffs.
(Copyright 2009 by Newsroom Solutions)
