In The News

Obama proposes tax breaks for businesses

President Obama has announced initiatives to get U.S. businesses to invest in themselves and the workforce. For truckers, the proposal could amount to tax breaks on equipment purchases if it received legislative approval.

Speaking Wednesday, Sept. 8, in Cleveland, the president said his plan for tax breaks is aimed at saving and creating U.S. jobs.

“And I’m proposing that all American businesses should be allowed to write off all the investment they do in 2011,” Obama said during a speech.

“And this will help small businesses upgrade their plants and equipment, and will encourage large corporations to get off the sidelines and start putting their profits to work.”

Obama’s tax proposal requires a 60 percent approval from the Senate in order to pass, which could prove difficult given the current political climate and midterm elections around the corner in November.

Earlier this week, Obama announced plans to pursue a $50 billion transportation infrastructure package that is part stimulus and part highway bill. It includes 150,000 miles of highway reconstruction over a six-year period.

“We want to put more Americans back to work rebuilding America – our roads, our railways, our runways,” he said.

The infrastructure proposal has also drawn divisions down party lines as Election Day looms.

[email protected]

 www.LandLineMag.com