Jobs Bill On Its Way

Posted by Admin | February 24th, 2010

It appears that the Jobs Bill supported by President Obama and Democrats in Congress is going to pass. The bill is a $35 billion appropriation, total, which supporters claim will help increase employment numbers. Detractors claim any employment numbers will only be in the public sector, and will thus be pulling from the productive, private, sector. The tax-breaks are welcome news to businessmen all over the nation, though, who are looking for some kind of economic relief.

The bill up for a vote Wednesday would exempt businesses hiring the unemployed from the 6.2 percent Social Security payroll tax through December and give them an additional $1,000 credit if new workers stay on the job a full year. It would also extend the federal highway programs through the end of the year and make a $20 billion cash deposit into the highway trust fund to make up for shortfalls from lower-than-hoped gasoline tax revenues.

The bill could have a major effect on the economy over the next couple of years, so it is essential that businessmen and economists pay close attention to its provisions.