Wednesday, January 16, 2008

Rep. Blunt Proposes Extending Bush Tax Cuts

Republicans and Democrats in Congress are vowing to work together to tinker with the economy to prevent a recession.
The problem is that have different ideas on how to do it.
"We’re really talking about doing something to prevent an economic downturn so we don’t have to do those kind of things,” said Minority Whip Roy Blunt, talking to CQ Politics about the G.O.P. threat to reject Democratic spending increases.
Blunt's first option? Extending the 2001 and 2003 Bush tax cuts.

"Blunt also suggested increasing the $125,000 limit on the amount of spending on computers, machinery and other equipment that small businesses can deduct as expenses in the year the items are purchased. He also proposed an accelerated depreciation schedule for writing off larger capital costs."

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