Job Bill Offering Tax Break for Hiring Unemployed Passed
San Jose Bankruptcy Attorney comments on new job bill...
San Jose Bankruptcy Attorneys may want to spread a little potential good news for bankruptcy clients in the Bay Area that are unemployed. The Senate passed a bill on Wednesday offering a tax break to companies that hire the unemployed. The jobs-promoting bill by the Obama Administration is the first of many according to a Fox News article, quoting Democratic leaders, although notably a far cry from the $862 billion economic stimulus bill enacted a year ago as this proposal waves a much smaller price tag at $35 million.
Two major provisions contained in the bill include an exemption for the hiring businesses from the 6.2 percent Social Security payroll tax through December with an additional $1,000 credit if the new employee remains employed for an entire year. Additionally, the bill will extend highway and mass transit programs through the end of 2010 and inject $20 billion into them in time for the construction season this spring.
What does this new hiring tax credit really mean for the unemployed and those facing bankrutpcy due to debt beyond their control? The approximate 250,000 new jobs it may create, says economist Mark Zandi of Moody's Economy.com (Fox News). The economy has shed 8.4 million jobs since the recession began in December, 2007.
Fox News also quoted bill sponsor Sen. Charles Schumer, D-N.Y., as saying it would have an immediate impact since businesses won't have to apply for it when doing their taxes a year from now. "It immediately takes effect," Schumer said. "It goes right to small businesses."
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