When President Obama came into office our nation was losing 750,000 jobs a month, and the President took difficult steps to help save our economy and stave off a second Great Depression. While some of those steps weren’t popular, they were the right thing to do for our recovery: our country has now added private sector jobs for eight straight months and growth is back in positive territory.
Still, the turnaround hasn’t happened fast enough. Main Street businesses are not yet back to firing on all cylinders, and too many Americans remain out of work.
That’s why yesterday, the President unveiled a targeted set of proposals to continue our economic recovery and promote growth. One of these proposals will allow companies to fully deduct qualified capital investments through the end of 2011, and represents the largest temporary investment incentive in American history.
Here’s how it works. Today, if you own a business and buy a $10 million piece of equipment for your factory, your accountants predict how long that piece of equipment will last. In this case, let’s say it’s 10 years. Every year, that piece of equipment depreciates in value, and as the business owner, you get to write off that loss, in small increments, every year for the next 10 years.
Fonte: White House