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Blog Entries from October 14, 2011

The American Jobs Act: Cutting Payroll Taxes Supports Consumer Spending

Image of tax forms

This morning, the U.S. Census Bureau released its latest Retail Sales figures for September and they went up sharply (1.1percent), with gains in lots of categories.  The gains in July and August were revised upwards, too.  From an economic growth point of view, this is unequivocally good news.  However, history and statistics tell us not to get too excited over a single data point. So, although this is good news, it is clear that economy is not growing as fast as it needs to. That’s why President Obama has proposed cutting payroll taxes in half for 160 million workers next year.

As the Economics and Statistics Administration has already shown, job gains combined with lower taxes equals more spending. That’s why these tax cuts make sense. They help create demand to give the economy a little breathing room while it recovers.

The president’s plan will expand the payroll tax cut passed last December by cutting workers' payroll taxes in half next year. This provision will provide a tax cut of $1,500 to the typical family earning $50,000 a year. As with the payroll tax cut passed in December 2010, the American Jobs Act will specify that Social Security will still receive every dollar it would have gotten otherwise, through a transfer from the General Fund into the Social Security Trust Fund.

Patent and Trademark Office Announces 2011 National Trademark Expo

Five images of Chubby Checker doing the Twist

Commerce's United States Patent and Trademark Office (USPTO) will host the 2011 National Trademark Expo on Friday, October 14th from 10 am to 6 pm, and Saturday, October 15th from 10:00 a.m. to 4:00 p.m., at the USPTO’s headquarters in Alexandria, Virginia.  The free, two-day event is designed to educate the public about the value of trademarks in the global marketplace.  Last year’s Expo attracted over 10,000 visitors of all ages.

The Expo will highlight such themes as “Unusual Trademarks” and “Brand Evolution,” and will feature educational workshops for adults and children, exhibits of authentic and counterfeit goods, and costumed characters, including Pillsbury's Doughboy, Popeye and Olive Oyl, the Pink Panther and Barbie.

The opening ceremony on October 14, 2011 featured music by the U.S Air Force’s rock band, Max Impact, and a guest appearance by Chubby Checker.  |  Read morePast Expo photos