David Kirkpatrick

November 16, 2009

Business tax credit for job creation

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 4:56 pm

A good idea that ought to become a law:

A Democratic US senator on Friday unveiled details of a plan to create a tax credit for businesses that create jobs, as the White House has called a December summit to tackle sky-high unemployment

Senator Russ Feingold’s proposal would establish a tax credit over the next two years for businesses that hire new employees, expand work hours for current employees, or raise worker pay, his office said.

“While there’s no easy way to solve the unemployment problem, the jobs tax credit would be a targeted and responsible tool to help businesses hire workers and bring down unemployment,” according to Feingold.

The credit would amount to 15 percent of eligible payroll for 2010 and 10 percent in 2011 — and would exclude pay increases for very highly salaried workers, as well as the wages of firm owners or family members.

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