With Labor Day behind us the stretch run begins for the midterm elections and a lot is at stake for business.
Today, President Obama is expected to propose a $200 billion tax break that would allow businesses to write off 100 percent of new capital investments through 2011.
You know it’s going to be a tough campaign when a Democrat is proposing tax breaks for business.
On Monday the president unveiled a long-term jobs program that would spend $50 billion to rebuild roads, railways and runways. He also blasted the Republicans for opposing everything except mom and apple pie.
Also, still on the table is a bill that would create a $30 billion loan fund for small business. Republicans have kept it bottled up in the Senate because the bill would add to the federal deficit and Democrats won’t let them amend it.
Call me cynical, but I don’t think Democrats or Republicans want any of the bills to pass. Democrats hope calling the GOP the “party of no” will help them hang onto a few seats. Republicans expect to win big because voters are mad about government spending.
Sadly, chances of these measures passing before the election are remote. I hope I’m wrong. Businesses could use tax breaks and access to loans.