Something or nothing

8 September 2010 By James Pethokoukis

Peter Orszag, Obama’s exbudget chief, thinks all Bushera U.S. tax cuts should be temporarily extended. So does the goto economist of congressional Democrats. But the president still vows to let highend rates go higher again ASAP. His thinking is as much politics as economics.

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President Barack Obama on Sept. 8 proposed billions of dollars in new business tax incentives and spending on big construction projects to spur the U.S. economy and create jobs.

Speaking in Ohio, Obama touted programs that include accelerating $200 billion in business tax writeoffs, which the White House says would eventually cost just $30 billion, an infrastructure spending boost of at least $50 billion, and increasing and permanently extending a tax credit for research and development costing $100 billion over 10 years.

The president also reaffirmed his opposition to extending some $700 billion in tax cuts for wealthier Americans. House Republican leader John Boehner on Sept. 8 called for a twoyear freeze on all current U.S. tax rates, including Bushera tax cuts for the rich that are set to expire at the end of this year.

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