Obama let the R&D tax credit expire in 12/31/09, now says that it is important for recovery
So how is this supposed to be paid for? With other tax revenue.
The "pay-for" as reported by the Times, taxing multi-national corporations overseas' income to afford the 10-year credit, has already been used -- at least $9.8 billion worth for the $26b state aid bill that the president recently signed.
As taken from Politifact, here's what the recent "pay-for" did: from "rules to prevent splitting foreign tax credits from the income to which they relate" (worth almost $4.3 billion in newly captured revenue) to "denial of foreign tax credit with respect to foreign income not subject to United States taxation by reason of covered asset acquisitions" (worth more than $3.6 billion), to the "limitation on the amount of foreign taxes deemed paid with respect to section 956 inclusions" (worth $704 million).
Several senior Senate GOP leadership aides also told Fox News that Republicans are not likely to accept any proposal that raises revenue in other sectors to pay for a tax cut. . . .