09/05/2010 - President Barack Obama this week will urge Congress to permanently extend and expand a research and development tax credit to encourage job growth.
Obama will lay out the proposal, which would cost about $100 billion over the next decade, in a Sept. 8 speech on the economy in Cleveland, Ohio, according to two administration officials speaking on condition of anonymity before the announcement.
Extending 2001 and 2003 tax cuts for individuals earning less than $200,000 annually and families earning less than $250,000 -- about 98 percent of all taxpayers -- would cost $2.2 trillion in forgone revenue over the next decade, according to an analysis of government data released Sept. 2 by the Pew Economic Group.
Extending all of the tax cuts, including those for the wealthiest Americans, would cost $3.3 trillion over the same period, Pew’s analysis found.
Read the article Obama to Propose $100 Billion Permanent Extension of Research Tax Credit in its entirety on the Bloomberg Web site.