Obama to Propose $100 Billion Permanent Extension of Research Tax Credit

Publication: Bloomberg

Author: Nicholas Johnston and Julianna Goldman


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.

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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.

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