President Obama's Tax Plan Details Print E-mail
news_for_webChanges would affect corporations, manufacturers and more.

President Obama touched on a proposed tax plan in his State of the Union speech last week, and expanded a little on it during a speech in Cedar Rapids, Iowa.

K&L Gates, a partner of Greater Spokane Incorporated, put together a Tax Policy Update that analyzed President Obama's tax plan.

Among the proposals the President detailed is to deny tax deductions related to expenses from moving operations overseas. The President would also create a Manufacturing Tax Credit for qualified investments that help finance projects in communities that have suffered a major job loss event.

As for small businesses, President Obama's plan would expand the Work Opportunity Tax Credit targeting unemployed workers, increase the amount a small business can currently expense to $500,000, expand the exclusion of small business capital gains, and deduct health care expenses for the self-employed.

Read the entire analysis here.