These days, many of the latest business news headlines are about the economy and what the government is doing to help. With the unemployment rate over 9% and sticking, the government’s main goal is to create new jobs. For companies to do this, they need to free up extra money for hiring.
Right now, the Democratic party is brewing up some new ways to do this. In one major proposal, the President is asking for Congress to give businesses some major tax breaks through the 2011 tax season. This business news is a big deal! It’s unlike Democrats to ask for tax decreases, especially for big businesses. Business news articles are commenting on the major move this is for Democrats who are seeking ways to stimulate the economy.
This business news doesn’t have a determined ending yet. Many business news experts think Republicans will stop the bill from happening. Republicans are focused on easing the national debt, and they can’t do that if less money is coming in from big businesses. Democrats are going to push hard, though. This story is likely to make business news headlines for a while.
Basically, the latest business news on this bill says that the President is trying to allow businesses to make more tax claims. He wants to make businesses able to write off 100% of new equipment and plant costs. In doing so, businesses can pay a lot less in taxes and free up some cash to hopefully create new jobs. Many businesses may also build new plants and purchase new employment-creating equipment just to get this tax write-off.
Watch the latest business news to see where this interesting bill goes!