Last night President Obama explained his proposal for putting creating jobs now and putting Americans back to work before Congress. In addition to giving the economy a shot in the arm with more money in the pockets of working Americans, his proposed American Jobs Act has several new ideas, backed by both Democrats AND Republicans, which are a win for businesses and employers. The President is focused on rebuilding the economy the American way, through the ingenuity and hard work of the American people.
Businesses and employers stand to win under the President’s American Jobs Act in various ways.
It offers tax relief:
- A payroll tax cut for 98 percent of small businesses
- A complete payroll tax holiday for added workers or increased wages
- Extending 100 percent capital expensing into 2012
- Reforms and regulatory reductions to help entrepreneurs and small businesses access capital
Financial rewards for hiring workers:
- A tax credit from $5,600-$9,600 for hiring of unemployed veterans
- New contracts for modernizing public schools, homes and businesses
- A bipartisan-supported National Infrastructure Bank which provides capital and contracts to upgrade and build vital roads, rails and airports.
- A $4,000 tax credit for hiring long-term unemployed workers
- Allowing workers to earn unemployment insurance if they choose to work share over layoffs.
Learn more about the benefits of the American Jobs Act.