Obama Outlines New Economic Proposals

President Barack Obama today announced a series of new economic proposals designed to stimulate the economy and promote job growth. Speaking from Cleveland, Ohio, where House minority leader John Boehner had assailed the president on the economy a few weeks ago, the president outlined his economic agenda for the coming months, a plan that involves ending the Bush-era tax cuts for the wealthiest Americans but preserving tax cuts for households making less than $250,000 a year. This would bring the tax rate for the upper tier of wealth back to what it was during the Clinton administration, an era that Obama said had one of the most successful economies in American history.

Tax cuts aren’t the only part of the plan, though. Other proposals put forth by the president include letting companies deduct all of their capital investments made during this year and the next, renewing and making permanent the research and experimentation tax credit, which expired on Dec. 31 last year, and increasing spending on roads, railways, airports and other infrastructure. Combined, these three proposals will cost about $350 billion. The president, on Monday, said that these items will be fully paid for and will not add to the deficit over time.