San Francisco (Obama.net)- Anyone who has paid any attention to the political news of the United States of America over the course of the last twenty months would know that President Barack Obama has made it his own personal mission to resurrect the American economy. Obama’s main goal has been to help the middle class and the backbone of the American economy, the small businesses. By increasing the financial aid for the businesses of the United States, the encouragement is put into place for those companies to expand, innovate, and hire more workers.
And this upcoming Wednesday, the President of the United States will speak to Congress about extending a tax credit for the research done by businesses permanently.
While to do so may cost the United States government an amazing one hundred billion dollars, Obama plans to pay for it by cutting other tax breaks that haven’t been working and are not as essential to the American economy.
Obama will speak in Cleveland on Wednesday. The location was chosen due to Ohio’s status as a swing state where Republicans have recently also spoken on the economy and potentially currently have the ears of the Ohio citizens with the Midterm Elections coming on November 2nd.
The tax credit Obama is looking to extend permanently has been around for nearly three decades and has been highly popular with both Democrats and Republicans, as well as the businesses that benefit from them.
Republicans are expected to block the passage of this proposal just as they have been blocking the passage of the small business bill in order to not let the Democrats have a positive economic achievement under their belts in the weeks leading into the elections.
There is also concern over the one hundred billion dollar price tag on the bill over the next decade. Obama is trying to soothe the costs by cutting tax breaks from multinational companies as well as oil companies, which often report profits far greater than most domestic businesses.
The tax has a reputation for created jobs at an extraordinary rate when used in the United States. Because the credit is for larger corporations, the possibility for them to use the money to hire more workers is greater as such companies are always looking to expand and grow.
With more hard pressing work, Obama is inching closer and closer to rebuilding the American economy and with his speech on Wednesday, Obama hopes to take a small leap towards his goal.