In a move intended to stabilize the U.S. economy, President Obama is set to announce new tax cut proposals that will allow businesses to write off 100 percent of new equipment and investments in new facilities between now and throughout 2011.
The proposal was first announced by the President at a rally in Wisconsin on Monday, along with two other proposals – a $100 billion permanent extension of the business tax cut for research and development, and $50 billion in new infrastructure spending.
The proposals must still pass through Congress.
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