Posted on 01/29/2010 4:05:19 PM PST by NormsRevenge
BALTIMORE (Reuters) – President Barack Obama on Friday proposed $33 billion in tax credits to coax small businesses into hiring workers as he underscored his commitment to pushing job creation to the top of his agenda.
With public frustration over double-digit unemployment eroding his popularity, Obama has begun rolling out initiatives aimed at backing up his jobs pledge made in his economy-focused State of the Union Address earlier this week.
The latest proposal calls for a $5,000 tax credit for every net new worker hired in 2010. The amount would be capped at $500,000 per firm to make sure that the bulk of the benefits go to small businesses.
"The economy is growing but job growth is lagging," Obama told workers at a custom-machine plant in Baltimore.
He spoke after the release of data showing U.S. gross domestic product expanded at a faster-than-expected 5.7 percent in the fourth quarter, a trend he hailed as a "stark improvement" compared to economic decline a year ago.
But he insisted that more work was needed to spur employment and urged the U.S. Senate to push ahead with jobs legislation. The House of Representatives approved a $155 billion jobs bill in December.
Obama said his tax credit proposal could help small businesses to hire workers while lowering their taxes. He estimated that more than 1 million small businesses could benefit.
"Now's the perfect time for this kind of incentive," he said. "The key thing is it's time to put America back to work."
(Excerpt) Read more at news.yahoo.com ...
LOL. Clever response-I like it.
Giving money to small businesses to hire more workers which the small businesses would have to pay their salaries and benefits especially if these workers became unionized which this administration is pushing not to mention hiring unskilled labor re: illegal immigrants that undercut Americans from taking those jobs. Somehow I do not think that plan is going to work...
How does he define "NEW" job. Wanna bet a "NEW JOB" is a union job? I'll put money on it!
Only if you were going to hire someone anyway. Therefore, just another useless proposal, showing no understanding of the economics of supply and demand and what it takes to create a pro-growth business environment.
That in it self should create jobs and start pumping money into the economy
How likely is that?
Tax cuts like this don't mean a thing unless the mountain of excessive debt is removed from the private AND government sector.
Even less likely.
Exactly
But none of this crap is really about creating jobs it's all about the perception that 0bamao and his statism buddies are, uh, trying hard to be seen doing something.
I just stole that! LOL!
“Hired, then laid off two months later.”
Or one come in - another goes out
Everything this administration does is all about the perception. Yes we can - deceive the people....
Can someone either corroborate or debunk the number I heard for the “Oh-so-Popular” Cash for Clunkers program? I heard that each car sold cost the American Taxpayer $23,000. if true, we should be hammering that fact over and over and over again every time they try to fly this pie-in-the-sky crap in our faces. How much should the taxpayers expect to come up with, say, per $50,000 job? $350,000? This is SUCH total BS!!!!!!!!!!!!!!!!
THis might have been a good idea a year ago. Maybe Obama could explain why he waited a year.
Left hand stealing from the right hand.
How much is the proposed IRS enforced fine if a employer does NOT provide health insurance to employees?
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