In remarks at a small business in Beltsville, Md., today, President Obama referenced a new Treasury Department report outlining the benefits of his proposed 100 percent tax deduction for businesses of all sizes for investments in upgrades of plants and equipment for an entire year. The new policy, he said, means that businesses “are able to write off immediately that depreciation in one year…that means they’re going to have additional money to invest in workers and in other plants and equipment.”

“This is a proposal that works,” he added. “A new report from the Treasury Department estimates that it will accelerate $150 billion in tax cuts for two million businesses, large and small, around the country. It would temporarily lower the average cost of investment by more than 75 percent for companies…creating a powerful new incentive for businesses to invest more right now — perhaps about $50 billion, — which will generate more jobs and more growth.”

The President noted that that earlier today, “We learned that our economy grew at a rate of two percent over the last three months. We’ve had nine consecutive months of private sector job growth, after nearly two years of job loss. But as we continue to dig out from the worst recession in 80 years, our mission is to accelerate that recovery and encourage more rapid growth.”