Democrats Celebrate Small Business Victory
After much fuss, congressional Democrats managed to push through a modest jobs bill that will have to do in the place of anything grander with which to campaign. The package of tax breaks and cash is directed toward small businesses, with the hope of creating employment.
After much fuss, congressional Democrats managed to push through a modest jobs bill that will have to do in the place of anything grander with which to campaign. The package of tax breaks and cash is directed toward small businesses, with the hope of creating employment.
The bill would set aside $30 billion for regional banks to lend to small businesses and provide $12 billion in tax savings.
WAIT, BEFORE YOU GO…Wall Street Journal:
The centerpiece of the bill is the creation of a $30 billion lending facility that would direct taxpayer money to regional banks on the condition they lend it out to small businesses. Unlike the emergency financial rescue package implemented at the height of the crisis in 2008, banks would have to volunteer to participate in this program.
The rate of interest they are charged on the public funds would depend on how much they increase their small-business lending.
Due in large part to the expected returns to the taxpayer from this plan, the bill has been estimated to raise net revenue of around $2 billion over the next decade.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Activism
As Ukrainian people continue to suffer, there have been disturbing reports that the U.S. and its allies have actually obstructed diplomatic initiatives.
Environment
Firefighters on the frontline of forest fires could find their pay go as low as $15 an hour if Congress doesn't make the 2022 wage bump permanent.
Media
The suggestion of congressional helplessness minimizes the responsibility of lawmakers—ultimately excusing, rather than interrogating, regulatory inertia.
Military
A war of attrition on both sides could last for years—with a potential of nuclear escalation.
Military
A new budget loophole will send Pentagon spending soaring even higher.
Environment
A major piece of agricultural legislation will shape the future of the American food system.
There are currently no responses to this article.
Be the first to respond.