President Supports New Business Tax Breaks

Washington, DC, Sept. 7, 2010–President Barack Obama is backing new tax breaks that would allow businesses to write off 100% of their new capital investments through 2011.

It’s the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections.

The tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. Obama will outline the proposal during a speech on the economy in Cleveland Wednesday.

The proposals would requires congressional approval, which is highly uncertain given Washington’s partisan atmosphere and the dynamics of election campaigns.