Obama wants to spend another $100 billion...

[loosecannon]

of our money to help the dems secure a majority in the house and senate.

isn't that a criminal offense?

Obama to Ask Congress to Pass $100 Billion Research Tax Credit

President Barack Obama, focusing on ways to spur economic growth with less than two months to the congressional elections, will urge Congress to permanently extend and expand a research and development tax credit for businesses.

Obama will detail the plan, which would cost about $100 billion over a decade, in an economic speech Sept. 8 in Cleveland, according to two administration officials speaking on condition of anonymity.

It’s just one of several ideas Obama has promised to roll out to encourage hiring. White House economic advisers are also considering more tax breaks for small businesses and new spending on infrastructure, according to congressional aides familiar with the discussions who spoke on condition of anonymity because talks are preliminary.

The research tax credit is “very important in terms of job creation over the longer term,” Laura Tyson, an economics professor at the University of California at Berkeley and a member of Obama’s Economic Recovery Advisory Board, said on CBS’s “Face the Nation” program yesterday.

The research credit won’t have “as immediate a job impact as, say, movement on the current tax credits for the unemployed or extending a payroll tax holiday of some sort,” she said.

http://www.bloomberg.com/news/2010-09-06/obama-to-propose-100-billion-permanent-extension-of-research-tax-credit.html

color me perplexed. He introduces this initiative to address looming unemployment but announces that it won't have any noticeable effect on unemployment....

So why bother?

Photo opp?

 

[Madeline]

loosecanon, may we have a linkiepoo, so we can go read the whole article?

 

[Rozman]

Believe me my friends he's not done spending yet.Get ready for Stimulus II and then when that doesn't work we will get Son of Stimulus.

 

[Mad Scientist]

loosecanon, may we have a linkiepoo, so we can go read the whole article?

Obama to Ask Congress to Pass $100 Billion Research Tax Credit - Bloomberg

Obama also wants to extend most of the income tax cuts passed under former Republican President George W. Bush while letting the breaks expire for households making more than $250,000 annually. Republicans want to extend all the tax cuts and some Democrats have indicated they may resist letting the top rates rise.

Glad to see they're finally coming around, albeit too little too late. Also, could someone here please explain the difference between Tax Cut and Tax Credit please?

 

[kyzr]

loosecanon, may we have a linkiepoo, so we can go read the whole article?

Obama to Ask Congress to Pass $100 Billion Research Tax Credit - Bloomberg

Obama also wants to extend most of the income tax cuts passed under former Republican President George W. Bush while letting the breaks expire for households making more than $250,000 annually. Republicans want to extend all the tax cuts and some Democrats have indicated they may resist letting the top rates rise.

Glad to see they're finally coming around, albeit too little too late. Also, could someone here please explain the difference between Tax Cut and Tax Credit please?

a tax cut is a reduction in a tax rate

a tax credit is a future tax deduction for an activity, like installing storm windows, the tax credit could be 50% up to $1,500, or something like reimbursing a research grant in "green energy".

 

[The Rabbi]

Believe me my friends he's not done spending yet.Get ready for Stimulus II and then when that doesn't work we will get Son of Stimulus.

No. We've already had Stimulus II. Bush, with urging from Pelosi, pushed a stimulus. Then Obama's Stimulus. Then there was another burst of spending. Now this. And this morning I read he wants another $50B for "infrastructure spending." WTF? I thought that's what the original stimulus was going to be spent on. Remember "shovel ready" projects and all that?
Officials: Obama to back infrastructure spending - Yahoo! News
Anyone who was hoping Obama could learn from his mistakes will be disappointed. We are turning Japanese here, with zero interest rates and stimulus after stimulus. After 10 years of this Japan's economy is no better but their deficit is enormous.
Stop him before he spends again!

 

[kyzr]

Believe me my friends he's not done spending yet.Get ready for Stimulus II and then when that doesn't work we will get Son of Stimulus.

No. We've already had Stimulus II. Bush, with urging from Pelosi, pushed a stimulus. Then Obama's Stimulus. Then there was another burst of spending. Now this. And this morning I read he wants another $50B for "infrastructure spending." WTF? I thought that's what the original stimulus was going to be spent on. Remember "shovel ready" projects and all that?
Officials: Obama to back infrastructure spending - Yahoo! News
Anyone who was hoping Obama could learn from his mistakes will be disappointed. We are turning Japanese here, with zero interest rates and stimulus after stimulus. After 10 years of this Japan's economy is no better but their deficit is enormous.
Stop him before he spends again!

I hope the GOP can hold them off until the new congressmen are seated, then we should have a Phaylanx to stop the wasteful spending.

 

[CMike]

I thought you meant on another vacation.

 

[The Rabbi]

Believe me my friends he's not done spending yet.Get ready for Stimulus II and then when that doesn't work we will get Son of Stimulus.

No. We've already had Stimulus II. Bush, with urging from Pelosi, pushed a stimulus. Then Obama's Stimulus. Then there was another burst of spending. Now this. And this morning I read he wants another $50B for "infrastructure spending." WTF? I thought that's what the original stimulus was going to be spent on. Remember "shovel ready" projects and all that?
Officials: Obama to back infrastructure spending - Yahoo! News
Anyone who was hoping Obama could learn from his mistakes will be disappointed. We are turning Japanese here, with zero interest rates and stimulus after stimulus. After 10 years of this Japan's economy is no better but their deficit is enormous.
Stop him before he spends again!

I hope the GOP can hold them off until the new congressmen are seated, then we should have a Phaylanx to stop the wasteful spending.

I think no Democrat wants to go into re election having voted for yet another round of spending. The American people recognize wanton spending as a loser. I hope this proposal goes nowhere.