During his January 8, 2011 weekly address, President Obama discussed how the tax compromise is already benefiting businesses and consumers across the nation. A big benefit to business owners is the ability to write off all of their capital investments in certain cases. During his address, President Obama discussed a recent visit to Thompson Creek Window Company in Maryland.
“For one year, any business, large or small, can write off the full cost of most of their capital investments. This will make it more affordable for businesses like Thompson Creek to expand and hire. So, if you’re a business owner, I’d encourage you to take advantage of this temporary provision. It will save you money today and help you grow your business tomorrow.”
Consumers will benefit in several ways including a 2 percent payroll tax holiday and the extension of the $1,000 child tax credit and the $2,500 tuition tax credit. For information on how to make the most of the tax compromise, especially the payroll tax holiday, check out my post: 8 personal finance New Year’s resolutions.