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Obama to propose US$100 bln tax credit

09-07-2010 13:52 BJT

US President Barack Obama will call for a 100 billion dollar business tax credit this week to boost the lagging US economic recovery.

On Wednesday, Obama will launch what officials say is a new policy push. The proposal will increase and permanently extend research and development tax credits for businesses, reward companies that develop new technologies domestically, and preserve American jobs.

Officials say it will be paid for by closing other corporate tax loopholes. The White House assured there would be no repeat of the massive 814 billion dollar 2009 Recovery Act.

The proposal comes after the report released last Friday that shows the economy lost 54 thousand jobs last month and the unemployment rate edged up nearly 10 percent.

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Editor:Xiong Qu |Source: CNTV.CN

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