The BizFilings blog covering business tips and trends.
President Obama's American Jobs Act and Your Small Business
Published on Sep 12, 2011
Read 'President Obama's American Jobs Act and Your Small Business' at 'Time to Start Up,' the small business blog by BizFilings.
Have you heard about President Obama's plan to help small businesses, while getting Americans back to work? It's called The American Jobs Act — and if it becomes a reality, President Obama could be offering us a way out of the recession. The American Jobs Act includes many benefits including:(1) Providing tax cuts to help America’s small businesses hire and grow.
Cutting the payroll tax in half for 98 percent of businesses
A complete payroll tax holiday for added workers or increased wages
Extending 100% expensing into 2012
Reforms and regulatory reductions to help entrepreneurs and small businesses access capital
(2) Putting workers back on the job while rebuilding and modernizing America.
A “Returning Heroes” hiring tax credit for veterans
Preventing up to 280,000 teacher layoffs
Modernizing at least 35,000 public schools across the country
Immediate investments in infrastructure and a bipartisan National Infrastructure Bank
A new “Project Rebuild”
Expanding access to high-speed wireless
(3) Offer a pathway back to work for Americans looking for jobs.
The most innovative reform to the unemployment insurance program in 40 years
A $4,000 tax credit to employers for hiring long-term unemployed workers
Prohibiting employers from discriminating against unemployed workers
Expanding job opportunities for low-income youth and adults
(4) Tax relief for every American worker and family.
The American Jobs Act could cut payroll taxes in half for 160 million workers next year
Allowing more Americans to refinance their mortgages at today’s near 4 percent interest rates
President Obama is proposing that The American Jobs Act could be completely paid for through "additional deficit reduction," as part of his long-term deficit reduction plan.
Click here for a more detailed look at the fact sheet for The American Jobs Act, issued by The White House Office of the Press Secretary, along with a detailed overview of the program.
President Obama's act sounds promising. I truly hope it helps America get back on its feet.