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Stimulus Plan Boosts Business Tax Refunds

WASHINGTON (AP) - President-elect Barack Obama's proposed
stimulus package would provide businesses with billions of dollars
in refunds on taxes they paid several years ago.
A U.S. Chamber of Commerce official says this idea is "at the
top of the list from businesses' viewpoint." It could also
increase pressure on Republicans to support Obama's massive
stimulus package.
The refund provision would enable some companies posting losses
last year to get refunds for taxes paid as far back as five years
ago.
Currently, businesses can use losses to offset profits the two
previous years.
The government may also give tax cuts to individuals by
withholding less from paychecks, making them about $10 larger each
week.
Companies that hire new workers would also get a one-year tax
credit.


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