Obama to push tax break plan for businesses

WASHINGTON, Oct 29 (BestGrowthStock) – U.S. President Barack Obama
will tout a proposal on Friday to provide tax relief for
businesses, reviving a plan he proposed in September that would
encourage companies to make capital investments.

Days before Republicans are expected to make major gains in
congressional elections, Obama, a Democrat, will highlight a
plan that has so far gained little political traction despite
what the White House sees as having bipartisan appeal.

The proposal would let businesses of all sizes take
immediate deductions for certain capital expenses between
September of this year and the end of 2011.

Small businesses can currently deduct 50 percent of some
capital investments immediately rather than accounting for the
costs over time.

Obama is slated to make remarks after touring a business in
nearby Beltsville, Maryland.

The Treasury Department is releasing a report on Friday
that outlines the benefits of the proposal, administration
officials said. The plan would provide $150 billion in tax
relief to businesses over two years. It would cover some 2
million small and large companies.

Obama’s remarks indicate the White House’s intention to
focus on the issue in the coming months even if Democrats lose
majorities in one or both houses of Congress in Tuesday’s
elections.

Obama administration officials expressed hope that
Republicans would give the plan support.

“The last month or two, you haven’t seen as many
Republicans coming out embracing ideas that the president’s
putting forward and trying to discuss constructively how to
move them forward,” one senior administration official told
reporters.

“One would hope that in November, December, next year that
people start looking at the underlying economic narrative
proposals and coming together to move them forward.”
(Reporting by Jeff Mason and Kim Dixon; Editing by Peter
Cooney)

Obama to push tax break plan for businesses