Obama stimulus plan boosts business tax refunds

[Terri]

By STEPHEN OHLEMACHER
Associated Press
January 6, 2009

WASHINGTON (AP) -- President-elect Barack Obama's proposed stimulus package would provide businesses with billions of dollars in refunds on taxes they paid several years ago.

The refunds are popular among business groups and could increase pressure on Republicans to support Obama's massive stimulus package, even though most of them are wary of government spending increases that could send its total cost to $800 billion or more.

"This gives companies an infusion of cash just when they need it," Dorothy Coleman of the National Association of Manufacturers said of the proposed refunds.

Obama's proposal to stimulate the economy includes tax cuts of up to $300 billion, including more than $100 billion for businesses.

More

[l1m89]

Cutting tax rates are meaningful "tax cuts." Those alleged "tax cuts" proposed by president elect Obama are political tomfoolery, all smoke n' mirrors to cloak DemocRatz societal experimentation. Tens of trillions of our hard earned tax dollars will not buy prosperity for our USA.

The excessive burden of that massive debt is likely to bring us and our grandchildren together, to share equally in poverty. The era of a leveraged, debt laden economy should be replaced by the ancient and forgotten fiscal philosophy of thrift. However since we're entering into an era of hope n' change, everybody just rejoice and be happy.