WASHINGTON (AP) - An administration official says President Barack Obama will call for new tax breaks to allow businesses to write off 100 percent of their new capital investments through 2011.
The official says the latest plan would save businesses $200 billion in taxes over two years, allowing companies to have more cash on hand.
The plan is the latest in a package of economic proposals Obama is announcing in hopes of jump-starting the economy ahead of the November election. He is also calling for a $50 billion investment in infrastructure and a permanent extension of research and development tax credits for businesses.
The official spoke on the condition of anonymity because the proposal has not been formally announced.