Obama Scraps Plan for Business Tax Credit in Stimulus
Faced with rising criticism from economists and Democrats alike, President-elect Barack Obama yesterday scrapped his plan to include $150 billion in business
Jul 31, 2020123.4K Shares5.6M Views
Faced with rising criticismfrom economists and Democrats alike, President-elect Barack Obama yesterday scrapped his plan to include $150 billion in business tax credits in his emerging economic stimulus proposal.
The provision would have given businesses a $3,000 tax credit or every new employee they hired, and every employee they planned to fire but retained instead. Democrats, the Washington Post reported this morning, “dismissed the $3,000 credit … as ripe for abuse and difficult to administer. When no champion for the proposal came forward, the president-elect decided to sideline the incentive.”
“„“We’ve always said we’re open to other ideas. This was never set in stone,” said a senior Obama adviser of the decision.
No word yet if the $150 billion will be redirected elsewhere.
Dexter Cooke
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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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