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Can a new tax credit help the economy in the short term?

In a speech on Wednesday, President Obama will call for a $100 billion business tax credit that would increase and extend research and development tax credits for businesses, rewarding companies that develop new technologies domestically and preserve American jobs.

By Jodi Westrick  |  September 7, 2010; 3:35 PM ET  | Category:  National Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati  
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0bamba is now speaking about his "5th or 6th stimulus scam" and his political tax "credits" announced today (another 0bamba political ploy) when he should be speaking of tax "cuts" for "ALL" Americans and "ALL' small businesses. The well to do Americans are the back bone of the private sector who will hire the unemployed especially small businesses when they know what the "Socialist in Chief" 0bamba will do and finally makes a decision on taxes, 0bambaCare and sticks with it. Hey 0bamba, make some intelligent Executive decisions, extend the "BUSH" tax cuts for everyone. Be a man, repeal 0bambaCare, scrap cap and tax, lift the oil drilling moratorium, repeal the financial mess bill that adds regulation to small businesses dealing with banks, use the $300 billon left of the Porkulas bill to help the economy by having a payroll tax cut. "It's Bush's fault", yeah right 0bamba, we are all tired of hearing you whine all the time, RUFF, RUFF, your stupid words. Stay on your telepromptor and you won't look and sound so stupid. The Republican's are the party of "NO". I am a very proud American and the Republican's should be saying to 0bamba "HELL NO" on everything he proposes. His "fundamental change" for the United States of America is change Americans will not stand for and will defeat his Socialist agenda. Typical 0bamba speak, he is the most corrupt President in our history, yes even worse then Nixon, WOW. 0bamba has lied to the American people in "most" of his speeches over the last 18 months and the American people are not stupid and are finally seeing him for who he is. "We the people" will take back "our" government and "our" country starting November 2, 2010, bet on it. Hey, you guys (the Editors, the Publishers) at The Washington Post should start reading some of your columnist's Editorial and Political stories. Hell, the Liberal/Progressive columns that your so called ignorant and bias "journalists" are writing are usually good for a laugh if only our country wasn't in so much trouble. Apparently none of your Editors or your journalists read the thousands of comments on most every story. A year ago the comments went along with the Post maybe 80% to 20%. The last 3 to 6 months it has changed to about 30% for the Post on a good day and 70% against the Post. For a Lib paper that isn't good, have a great day....

Posted by: kennethy692008 | September 8, 2010 6:14 PM

It is important to note that two of the most respected members of the Obama economic team, Peter Orszag and Kristina Romer have resigned from the Administration before the end of the first two years. Both of these esteemed economists have rejected increased taxation and government spending for facilitating a sustainable recovery by the private sector. First, consider Kristina Romer's recent publication in the American Economic Review entitled, "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks." She clearly demonstrates that "tax increases are highly contractionary." I strongly recommend to this insightful paper to anyone who is serious about understanding the relationship between increased taxation important measures of economic health. Secondly, the former OMB director writes that “Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt." This is from an ABC News article on this issue entitled, "Going Against his Former Boss ..."

It is unfortunate that the primary remaining Administration economic policy adviser, Timothy Geithner, is not a trained economist himself (i.e., he does not hold a Ph.D. in Economics). Larry Summers is nowhere to be found, as he is obviously planning a near-term return to academia. Given this state of affairs with his economic advisory team, Obama falls back on his political instincts and relies more heavily on his political advisers.

In his speech today, he talks about his mother working her way through school and bringing him up as a single mother and Michele's dad having to go to work even with multiple schlerosis. Well guess what, Mr. President, there are 15 million Americans out there who wish they had the opportunity to go to work today. Stop with the demagoguery and refrain from RAISING TAXES on Americans, even ones that so happy to be small business owners earning over $200k or $250k a year. They are already paying plenty of taxes. The solution is NOT BIGGER GOVERNMENT. Get the government out of the way so that the American worker and the American business owners can get this country back on track.

God Bless America and God Bless this President so that he refrains from a continued pursuit of misguided socialist policies.

Posted by: DRod87 | September 8, 2010 7:38 PM

Amen!!

Posted by: annnort | September 8, 2010 9:31 PM

Everything Obama does now is only political schemes to help his Dems.

TOO LATE BARRY, YOU SEALED YOUR FATE WITH THE FIRST FAILED "stimulus" plan.

See you in November, 2012, so we can say, goodbye and good riddance.

Posted by: RonKH | September 10, 2010 12:52 AM

Middle Class and Small Business need some help. We already give too much Welfare to the rich and big corporations. This will be one of many things that must be done to help the economy get traction.

Posted by: cirrus_nine | September 14, 2010 1:06 AM

So,it looks like somebody needs to explain
to our AWOL Incompetent Leader from Kenya
that he doesnot understand,"The simple definition of Insanity is doing the same dumb thing over and over again and each time expecting different results as that is
exactly what all of these phony baloney
failed so-called Obama Simulus Plans are simply total insanity! Impeach Obama before
Barack Hussein Obama,Nancy Pelosi,Harry Reid and the Democrats totallyu destroy the
USA! Throw these bums out! Take Back America from Barack Hussein Obama,Speaker
Nancy Pelosi and Harry Reid Here & Now!

Posted by: redheadclaudine | September 14, 2010 1:17 AM

Research and Developement is never a short-term process. This will do nothing more than get the ball rolling or keep it rolling on new projects but will be very limited as to new job creation; until the products can be approved following R&D, there's nothing to produce, thus, there's no reason for companies to hire workers.

Posted by: kevina2 | September 14, 2010 8:07 AM

The President accuses the opposition of lack of ideas but for 20 months he has promoted "spending" and political "tax cuts" as the cure all, and when it is obvious that it did not work, what does he proposes? More of the same. Who is it that has no ideas?

Research tax credits have been extended time and time again, it is nothing new. The diminutive investment tax credit does not work because it is too small - 12 billion out of the45 billion proposed - but also and mainly because it is temporary. "Tax cuts" that are targeted and temporary do not work effectively. But this seems to be the modus-operandi of the Obama team. Why? because these are political "tax cuts".

Real tax cuts, that is, permanent marginal tax cuts are the most effective economic tool, even more effective than increasing the money supply. That has been proven many times before but the liberal propaganda makes it necessary to keep proven it time and again.
The latest piece where to educate the liberals about economic policy is called "Who did You Say Has No New Ideas?" where they have a graph of the economic results of the 4 years following Bush's tax cuts. I urge Obama to read it at http://www.robbingamerica.com


Posted by: JohnGalt9 | September 14, 2010 9:13 AM

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