Local Professors Talk About Obama Tax Cut Proposals
Not All Republicans On Board
Some say President Barack Obama's tax cut proposals are pretty conservative, but not all Republicans are on board.
Political science professors say the timing of rolling out these new proposals are very calculated. Right before the November elections. An election where democrats might lose power in the house.
Stimulating the economy through tax cuts isn't anything new. Some would even say tax cuts are usually proposals made by conservative politicians. Dr. Paul Fabrizio of McMurry Univeristy says, "The Republicans in a normal time would be more in favor of it but the Republicans are doing well in this election here by saying no."
Obama's proposal includes several cuts; expanding research and development based tax credits, allowing businesses to write off capital investments they make, and investing in infrastructure.
Dr. John Hill with Hardin-Simmons University said, "We do need something to restore the confidence of business because they're not investing money in new equipment capitol. This maybe the thing we need to jump start that."
Fabrizio also says this may just be a smart political move on Obama's part, "He is not up for re-election for another 2 years. A lot of Democrats are. He's thinking I can propose this and use it when I am running for re-election when Republicans accuse me of being anti-business."
Others say if the proposals are passed it would have an impact on you. Tax cuts for research and development could give businesses an incentive.
Hill added "The next new thing is gonna allow incomes to grow and more job opportunities.>
We contacted our local congressmen about this issue. Representative Randy Neugebauer says he appreciates Obama's suggestions and it could help provide new incentives for tax payers. While Congressman Mac Thornberry says this is a failed approach and doesn't cut down on the country's spending.
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