Tuesday, December 08, 2009

More ObamaSpending

Here's his latest proposal from AP:

A major part of his package is new incentives for small businesses, which account for two-thirds of the nation's work force. He proposed a new tax cut for small businesses that hire in 2010 and an elimination for one year of the capital gains tax on profits from small-business investments.

Obama also proposed an elimination of fees on loans to small businesses, coupled with federal guarantees of those loans through the end of next year.

He called for more government spending on infrastructure projects such as roads, bridges and water projects and for new tax breaks for consumers who invest in energy-efficient retrofits in their homes. This could be what some administration officials have called a "Cash for Caulkers" program modeled on the now-expired Cash for Clunkers program of tax rebates for people who turned in old cars for more fuel-efficient models.

About $50Bn into infrastructure and State Gummint coffers.

A one-year capgains exemption isn't very large. And a 'tax bennie' for businesses to hire people will NOT make hiring happen. Hiring depends on future business prospects (sales, folks), not 'tax bennies.'

Oh, well.

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