Stop the presses, another big movement has been made on Capitol Hill. Yesterday, President Obama crossed the t’s and dotted the i’s with his signature on the $38 billion jobs bill that has been bouncing on the Hill from the House to the Senate — back and forth like a game of ping pong.
While not every company in the private sector will respond to the law’s design – to get them to start hiring again – it will advance the hiring process for some companies that already had planned to do so. This bill will make it cheaper for them and could help Generation Y workers obtain employment, with final speculations estimating that the tax breaks imposed under this bill will ultimately generate around 250,000 jobs.
Key Facts of Bill:
- Businesses exempt from paying 6.2 percent Social Securtity tax (government will reimburse Social Security trust fund) if they hire people who’ve been out of work for 60 days
- Employers would get an additional $1,000 credit for each new worker remaining on the job for a full year
- Tax breaks for small businesses that buy new equipment
- Expands an initiative that helps state and local government pay for transportation and infrastructure projects
- Received 11 Republican votes, key sign of bipartisanship
This post was written by Tyrone Gayle, Come Recommended’s public affairs intern.
