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Why Obama Is Proposing Whopping Corporate Tax Cuts, and Why He’s Wrong

Wed, 09/08/2010 - 15:37 — Dave Culver
Section(s): 
Economics

The economy needs two whopping corporate tax cuts right now as much as someone with a serious heart condition needs Botox.

Robert Reich, RobertReich.org

President Obama reportedly will propose two big corporate tax cuts this week (Sep 5-11).

One would expand and make permanent the research and experimentation tax credit, at a cost of about $100 billion over the next ten years. The other would allow companies to write off 100 percent of their new investments in plant and equipment between now and the end of 2011 at a cost next year of substantially more than $100 billion (but a ten-year cost of about $30 billion since those write-offs wouldn't be taken over the longer-term).

The economy needs two whopping corporate tax cuts right now as much as someone with a serious heart condition needs Botox.

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