Submitted by Jesse Russell on August 2, 2010 - 5:54pm
According to the Treasury Department the numbers are for February until June and will save the businesses $10.4 billion in taxes if they keep three fourths of the workers for at least a year.
Under the program businesses that hire workers who have been unemployed for more than 60 days won’t have to pay the 6.2 percent Social Security tax until the next year.
If those workers are held onto for a full year businesses will receive a $1000 tax credit. New York Senator Charles Schumer has called the program a success and will seek to have lawmakers extend the tax credit an additional six months.
Rightardia comment: This is the kind of a common sense tax incentive program that puts people back to work. The outcomes of extending the Bush tax cuts for the 'have mores' is murky. Some of America's top families will bank the money. Others may purchase stocks or bonds and some families might purchase a luxury item like a yacht or summer home.
None of this affluent financial activity as described above has clear benefits to the financial well-being of our nation.
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Since a new tax break was offered to small businesses that hire unemployed workers : 5.6 workers have been added to company rolls. However, it isn’t clear how many of those jobs would have been created without the tax break.
According to the Treasury Department the numbers are for February until June and will save the businesses $10.4 billion in taxes if they keep three fourths of the workers for at least a year.
Under the program businesses that hire workers who have been unemployed for more than 60 days won’t have to pay the 6.2 percent Social Security tax until the next year.
If those workers are held onto for a full year businesses will receive a $1000 tax credit. New York Senator Charles Schumer has called the program a success and will seek to have lawmakers extend the tax credit an additional six months.
Rightardia comment: This is the kind of a common sense tax incentive program that puts people back to work. The outcomes of extending the Bush tax cuts for the 'have mores' is murky. Some of America's top families will bank the money. Others may purchase stocks or bonds and some families might purchase a luxury item like a yacht or summer home.
None of this affluent financial activity as described above has clear benefits to the financial well-being of our nation.
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Netcraft rank: 14896
http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
Powered by ScribeFire.
No comments:
Post a Comment