Giving Jobs with No Taxes! Yay!

Definitions:

*bipartisan-supported by both parties
*tax credit-a direct reduction in tax liability



"By a biparisan vote of 61 to 30, the Senate eliminated the final procedural obstacle to approval later this week of a bill that would exempt employers from payroll taxes throught the end of the year on newly hired employees who have been out of work for at least 60 days." This has been one of the first legislations to have both Republican and Democrat support. Senators like Harry Reid of Nevada are anxious to get this "jobs measure" passed by the President so that people will begin getting hired within the next few days. "Democratic supporters of the bill said the measure would create hundreds of thousands of new jobs while providing tax benefits to small businesses that make investments in their operations." When employees are kept for at least one year, the small busoinesses receive $1000 tax credit which means they would be saving money. There also a measure in the process of being evaluated that would provide a safety net for employees who go through unexpected, unpaid periods.
This bill was passed to hopefully encourage businesses to provide more jobs to people. Through this measure, businesses can help lower the jobless rate by giving people jobs while saving themselves money too.
Though it took a while to pass this new "no taxation" measure, because of the attention shift to the health care bill, it will still be effective. This is only one more step toward eding our recession and the vast number of people who have lost their jobs. Hopefully this bill works in the favor of our American citizens so that they can feed their families while stimulating our economy.

Article: http://www.nytimes.com/2010/03/16/us/politics/16cong.html?ref=economy

(Originally posted 3/16/10)