Obama’s Last Ditch Effort?
September 7th, 2010
So, the prez is coming to Cleveland this week. Apparently he has decided to make a last ditch effort to make sure his flunkies don’t flunk out in November, and wants to let all of Cleveland know about it. He has a plan, which sounds pretty good actually. The plan, as it has been laid out so far seems to entail letting businesses write off 100% of reinvestment through 2011. This would be astounding if not for all the new taxes he will be flinging at us starting January 1.
Reinvestment will mean any monies going toward plant and equipment. This tax credit, write off, however it shakes out will purportedly mean a loss of nearly $200 Billion in taxes in two short years.
While my gut wants to high five anyone standing nearby, my brain is a little more reticent. I tend to think this is just another grab for votes, rather than a real plan to stimulate business. Not only that, but there are what? Like, 56 days or something until elections? I really don’t see him getting such an unpopular plan through congress, even if it is to help them out, in such a short time frame. An extension of the Bush tax credits might not be popular with his cronies, but they might buy him a seat or two if he were to actually go through with it.
This weekend Fox News had a nice write up on the whole deal. What do you think – is this a grab for votes? Is the prez trying to grow the economy that is still floundering even though he has poured hundreds of millions down a deep dark well? If he does get it passed, is it going to be enough to save some dems seats, or are they over? You know what my vote on that is, with or without this tax write-off.
