Obama to unveil tax breaks for business investment
- President Obama, announced a massive and comprehensive plan today that should improve the country’s economy and help companies improve and build new infrastructure all across the U.S. and boosting job creation, at a cost of $50,000 million dollars and lasting six years.
According to White House statements, this investment will help build 150,000 miles of roads, 4000 miles of railroads and around 150 miles of runways, along with specific advances in air-traffic control technology.
The proposal is part of a series of initiatives the US President will submit next Wednesday while in Cleveland to support economic recovery and ensure long-term sustainable growth.
According to latest figures provided by the Government, the Gross Domestic Product (GDP) grew between April and June at an annualized rate of 1.6%, eight points less than what was predicted initially.
The president has asked Congress approve the bill as soon as possible as it will provide loans for small businesses and extend tax cuts for the middle class, promoting the current economic recovery.
Among the measures announced this week, tax cuts for the middle class and SMEs, tax benefits for business R&D (research and development), renewable energy and infrastructure, boosting job creation, are all included.