by jovana
Congress Offers Companies a Tax Break for Hiring the Unemployed
March 19, 2010 in Articles, Finance, Legal & Taxes, Management, News by jovana
Latest news coming from Washington is that the U.S. Congress has given final approval to an $18 billion jobs bill offering companies a tax break for hiring the unemployed. This is a part of this year’s lawmakers’ initial effort to boost the economy before November elections.
“It is the first of what I hope will be a series of jobs packages,” Obama told reporters at the White House.
This week on Wednesday, the Senate voted 68-29 to send the legislation to the President Obama for his signature. Eleven Republicans voted for the bill; Senator Ben Nelson of Nebraska was the sole Democrat to oppose it. Obama thanked Republicans voting in favor of the measure for “their willingness to work with Democrats.” On Thursday the President Obama signed the legislation.
“This is a good day for American workers,” said Senator Charles Schumer, a New York Democrat. “Congress is focusing on what the American people want us to focus on, which is jobs, jobs, jobs.”
This measure offers companies incentive by not charging payroll tax for each worker they hire who has been unemployed for at least 60 days in 2010.
It would also allow business owners to receive various tax credits and subsidies similar to ones provided through the Build America Bonds program. Among others bonds, this legislation offers 70 percent for clean renewable energy bonds and qualified energy conservation bonds.
However, some economists are suspicious about the advantages of this legislation, claiming that it will not make a major impact on the unemployment in the USA. Still, any progress to help business owners is welcome.
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