President-elect Barack Obama's proposed stimulus package would provide businesses with billions of dollars in refunds on taxes they paid several years ago.
A U.S. Chamber of Commerce official says this idea is "at the top of the list from businesses' viewpoint." It could also increase pressure on Republicans to support Obama's massive stimulus package.
The refund provision would enable some companies posting losses last year to get refunds for taxes paid as far back as five years ago.
Currently, businesses can use losses to offset profits the two previous years.
The government may also give tax cuts to individuals by withholding less from paychecks, making them about $10 larger each week.
Companies that hire new workers would also get a one-year tax credit.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus