Obama backs Intel tax credits

Hardware giant to get $100 billion worth of credits to keep R&D in the US
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President Obama is to endorse a proposal to give Intel a permanent $100 billion tax credit scheme for its research and development division.

According to Oregon Live, the credit has existed in various forms since 1981 but this is the first time that the scheme could be made in to a permanent fixture. The move apparently has strong support from the US business community as well as both political parties.

The move comes after Intel’s CEO Paul Otellini slammed the Democrats economic agenda, saying: “I think this group does not understand what it takes to create jobs. And I think they're flummoxed by their experiment in Keynesian economics not working.”

The company has also made no secret of the fact that it was offered $200 million by Israel to expand its facilities in the nation, but responded by saying “Intel has other alternatives”.