Senate Passes Jobs Bill
Posted on Mar 17, 2010
A better job market could be on the way for Americans looking for work if the job-creation bill passed by the Senate on Wednesday gets President Barack Obama’s approval, and if the legislation actually inspires employers to do some hiring. —KA
Los Angeles Times:
The bill would grant employers an exemption from their 6.2% Social Security payroll contribution for every new employee hired through the rest of the year, as long as that employee had been out of work for at least 60 days. An additional $1,000 income tax credit would be allowed for every new employee kept on the payroll for 52 weeks.
Experts are split as to whether the payroll tax holiday will boost hiring.
The measure also would make it easier for businesses to write off equipment purchases and would pump billions into federal highway and mass-transit funding programs, which Democrats hope will jump-start construction projects.
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