Official: Obama to back more business tax breaks
WASHINGTON (AP) â¿¿ President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections.
An administration official said the tax breaks would save businesses $200 billion over two years.Amid an uptick in unemployment to 9.6 percent, and polls showing that the November election could be dismal for Democrats, Obama has promised to propose new steps to stimulate the economy. In addition to the business investment tax breaks, he will also call for a $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies. ___ HP sues ex-CEO Hurd over new job at rival Oracle SAN FRANCISCO (AP) â¿¿ Hewlett-Packard Co. is suing the chief executive it ousted last month, Mark Hurd, to stop him from taking a top job at rival Oracle Corp. The lawsuit, filed Tuesday in a California state court, came a day after Oracle hired Hurd as co-president to help lead the database software maker's efforts to steal business from HP. HP claims that Hurd won't be able to perform his job at Oracle without spilling HP's trade secrets and violating a confidentiality agreement. This type of complaint isn't unusual in the technology world, nor is the confidentiality agreement that Hurd had signed as part of a severance package from HP that could top $40 million. Technology companies often require such agreements because workers walk out the door with valuable technical information. ___ Obama's tax-break plan is seen as no quick cure WASHINGTON (AP) â¿¿ Even if they were enacted soon, President Barack Obama's proposed tax breaks for businesses would hardly be a quick fix to rejuvenate hiring or the economy, analysts say.