President Obama announced the American Jobs Act.
Read some of the details here.
According to the Wall Street Journal, it’s not a stimulus plan. Really?
Mr. Obama studiously avoided calling his American Jobs Act a “stimulus” plan, a term freighted with political baggage. But it calls for tens of billions of dollars in aid to state and local governments, including cash for hiring teachers and refurbishing schools, as well as a $10 billion infrastructure bank and $50 billion for transportation projects. (Wall Street Journal, September 9, 2011)
I’d like the details on this part:
Additionally, businesses would get a full payroll tax holiday for any increase in payroll up to $50 million.
How long, how many employees, etc…? My tax clients who hire employees will want to hear more about this.
This is also interesting…$447 BILLION is “small“!
Economists have noted the relative small size of the plan and the debatable impact of a temporary cut in payroll taxes. The payroll-tax and unemployment-insurance provisions would be equivalent to about 1% of gross domestic product.
What do you think?
