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Obama unveils $33 billion tax credit to boost jobs
Reuters on Yahoo ^ | 1/29/10 | Steve Holland

Posted on 01/29/2010 4:05:19 PM PST by NormsRevenge

BALTIMORE (Reuters) – President Barack Obama on Friday proposed $33 billion in tax credits to coax small businesses into hiring workers as he underscored his commitment to pushing job creation to the top of his agenda.

With public frustration over double-digit unemployment eroding his popularity, Obama has begun rolling out initiatives aimed at backing up his jobs pledge made in his economy-focused State of the Union Address earlier this week.

The latest proposal calls for a $5,000 tax credit for every net new worker hired in 2010. The amount would be capped at $500,000 per firm to make sure that the bulk of the benefits go to small businesses.

"The economy is growing but job growth is lagging," Obama told workers at a custom-machine plant in Baltimore.

He spoke after the release of data showing U.S. gross domestic product expanded at a faster-than-expected 5.7 percent in the fourth quarter, a trend he hailed as a "stark improvement" compared to economic decline a year ago.

But he insisted that more work was needed to spur employment and urged the U.S. Senate to push ahead with jobs legislation. The House of Representatives approved a $155 billion jobs bill in December.

Obama said his tax credit proposal could help small businesses to hire workers while lowering their taxes. He estimated that more than 1 million small businesses could benefit.

"Now's the perfect time for this kind of incentive," he said. "The key thing is it's time to put America back to work."

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; Politics/Elections
KEYWORDS: businesses; jobs; obama; small; taxcredit; unveils

1 posted on 01/29/2010 4:05:19 PM PST by NormsRevenge
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To: NormsRevenge

$787 billion was for what then? Oh wait, my bad.....


2 posted on 01/29/2010 4:06:26 PM PST by cranked
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STay the course..

and you're a one-termer for sure.

President Barack Obama holds a town hall meeting at the University of Tampa
Bob Martinez Sports Center in Tampa, Florida, January 28, 2010.
REUTERS/Larry Downing


3 posted on 01/29/2010 4:06:48 PM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: NormsRevenge

What a set-up and con job...the NEW jobs stats look great right for 2012...then the small business just lay off everyone...besides how are they supposed to hire without small bsns loans? Uh, oh yeah...and customers.


4 posted on 01/29/2010 4:07:40 PM PST by Recovering Ex-hippie (Ok, joke's over....Bring back Bush !)
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To: NormsRevenge

Hired, then laid off two months later.

Worker = free.


5 posted on 01/29/2010 4:09:27 PM PST by ConservativeMind (Hypocrisy: "Animal rightists" who eat meat & pen up pets while accusing hog farmers of cruelty.)
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To: NormsRevenge

http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html


6 posted on 01/29/2010 4:09:28 PM PST by Ev Reeman
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To: ConservativeMind

Basically the same stupid plan that a number of Freepers have been pushing. Kudos to Brown for pointing out on SOTU night that broad-based, not targeted, tax cuts are needed.


7 posted on 01/29/2010 4:11:25 PM PST by 9YearLurker
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To: NormsRevenge
President Barack Obama on Friday proposed $33 billion in tax credits to coax small businesses into hiring workers as he underscored his commitment to pushing job creation to the top of his agenda.

Coax??

Somehow that just lacks an air of Presidential directive.

Free market, free people, all awaiting to be "coaxed".

Photobucket

8 posted on 01/29/2010 4:11:49 PM PST by EGPWS (Trust in God, question everyone else)
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To: NormsRevenge

hmmm... $33 billion dollars to boost jobs. hmph.

let’s say they GAVE the money to small business if the business hires someone for $33,000 per year. that would CREATE 1 million jobs

meanwhile, if they did the same thing in order to put all 17m unemployed people to work... it would cost $561 billion.

which would be cheaper than the ‘stimulus’ package by almost a 1/4 trillion dollars


9 posted on 01/29/2010 4:12:02 PM PST by sten
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To: NormsRevenge

Subject: HELP IS ON THE WAY

>>
>> DON’T WORRY, HELP IS ON THE WAY!!!!
>>
>>
>>
>> Due
>> to the current financial situation caused by the slowdown
>> in the
>> economy,
>> Congress has decided to implement a scheme to put workers
>> of 50 years of age and above on early retirement, thus
>> creating jobs and
>> reducing
>> unemployment.
>>
>> This scheme
>> will be known as RAPE (Retire Aged
>> People
>> Early)..
>>
>> Persons
>> selected to be RAPED can apply to Congress to be
>> considered for
>> the
>> SHAFT program
>> (Special Help After Forced
>> Termination).
>>
>> Persons who
>> have been RAPED and SHAFTED will be reviewed under
>> the SCREW program
>> (System Covering Retired-Early
>> Workers).
>>
>> A person may
>> be RAPED once, SHAFTED twice and SCREWED as many times as
>> Congress deems
>> appropriate.
>>
>> Persons who
>> have been RAPED could get AIDS (Additional
>> Income for Dependants & Spouse)
>> or HERPES (Half Earnings
>> for Retired Personnel Early
>> Severance).
>>
>> Obviously
>> persons who have AIDS or HERPES will not be SHAFTED or
>> SCREWED any
>> further by
>> Congress.
>>
>> Persons who
>> are not RAPED and are staying on will receive as
>> much SHIT (Special High
>> Intensity Training) as possible. Congress has always
>> prided
>> themselves on
>> the amount of SHIT they give our
>> citizens.
>>
>> Should you
>> feel that you do not receive enough SHIT, please bring
>> this to
>> the attention
>> of your Congressman, who has been trained to give you all
>> the SHIT you can
>> handle.
>>
>> Sincerely,
>> The Committee
>> for Economic Value of Individual Lives
>> (E.V.I.L.)
>>
>> PS - - Due to
>> recent budget cuts and the rising cost of electricity,
gas
>> and oil, as well as current market conditions, the Light
>> at the End of the Tunnel has been turned
>> off.

Curtis Richardson


10 posted on 01/29/2010 4:12:24 PM PST by Ev Reeman
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To: cranked

Let me get this right,,, you want me to pay a guy $30K/yer when my sales are down and layoffs eminent, to get $5K worth of tax deduction........ you are a MORON!!!


11 posted on 01/29/2010 4:14:54 PM PST by MrPiper
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To: NormsRevenge

I cannot attest to authenticity of this e-mail, but it sure gives you food for thought.

Subj: Why pay for the care of the careless?

THIS IS ABSOLUTELY TRUE!!!!

His two-paragraph letter to the editor of his newspaper in Jackson , Mississippi accurately puts the blame on a “Culture Crisis” instead of a “Health Care Crisis”. It’s worth a quick read:

Dear Mr. President:
During my shift in the Emergency Room last night, I had the pleasure of evaluating a patient whose smile revealed an expensive shiny gold tooth, whose body was adorned with a wide assortment of elaborate and costly tattoos, who wore a very expensive brand of tennis shoes and who chatted on a new cellular telephone equipped with a popular R&B ringtone.
While glancing over her patient chart, I happened to notice that her payer status was listed as “Medicaid”! During my examination of her, the patient informed me that she smokes more than one costly pack of cigarettes every day and somehow still has money to buy pretzels and beer.
And, you and our Congress expect me to pay for this woman’s health care? I contend that our nation’s “health care crisis” is not the result of a shortage of quality hospitals, doctors or nurses. Rather, it is the result of a “crisis of culture”, a culture in which it is perfectly acceptable to spend money on luxuries and vices while refusing to take care of one’s self or, heaven forbid, purchase health insurance. It is a culture based in the irresponsible credo that “I can do whatever I want to because someone else will always take care of me”.
Once you fix this “culture crisis” that rewards irresponsibility and dependency, you’ll be amazed at how quickly our nation’s health care difficulties will disappear.
Respectfully,
STARNER JONES, MD


12 posted on 01/29/2010 4:16:15 PM PST by Ev Reeman
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To: 9YearLurker

Yep. Typical liberal special interest tax cut. They neither like nor trust people.


13 posted on 01/29/2010 4:19:10 PM PST by 1010RD (First Do No Harm)
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To: cranked

http://www.humanevents.com/article.php?id=35374


14 posted on 01/29/2010 4:19:22 PM PST by Ev Reeman
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To: cranked

‘The most terrifying words in the English language are: I’m from the government and I’m here to help.’-Ronald Reagan

Heads Up.....CA Needs Money

Simply ridiculous...!!! $400.00 for a red light violation? Gezzzz, $400.00 would feed a good size family for a week... If you check, you’ll find that the actual fine is about $85.00 but with Sacramento and other entities taking a share or percentage of traffic fines, the “penalty assessments” nearly triple the actual traffic fine! You can bet that a lot of lower income folks will not be able to afford the fine and not pay the ticket ending up with a bench warrant for their arrest. RIDICULOUS!!!!

Heads up….California needs money, so pay close attention to the rules of the road!

Traffic Tickets Fines (01/06/2010)

Violation
Total Fine Due

VC 12814.6
214

Failure to obey license provisions.

VC 14600(A)
214

Failure to notify DMV of address change within 10 days

Note: The fine may be reduced with valid proof of correction.

VC 16028(A)
796

Failure to provide evidence of financial responsibility (insurance)

Note: This fine may be reduced with proof of insurance on or after the violation date.

VC 21453(A)
436

Failure to stop at a red signal.

VC 22350
214

VC 22349

Unsafe Speed, 1 to 15 miles over the limit.

VC 22350
328

VC 22349

Unsafe Speed, 16 to 25 miles over the limit.

VC 22450
214

Failure to stop at a stop sign.

VC 22454(A)
616

Passing a school bus with flashing red signals.

VC 23123(A)
148

Drive using wireless phone not hands free, First offense

VC 23123(A)
256

Drive using wireless phone not hands free, For each subsequent offense.

VC 23123.5(A)
148

Drive while wireless device to send, read or write text.

VC 23124(B)
148

Minor drive using wireless phone.

VC 22500(I)
976

Parking in a bus loading area.

VC 22507.8(A through C)
976

Violation of disabled parking provisions, first offense.

VC 22507.8(A through C)
1876

Violation of disabled parking provisions, second offense.

VC 26708(A)
178

Unlawful material on vehicle windows.

VC 27150(A and B)
178

Adequate muffler required

VC 27315(D and E)
148

Mandatory use of seat belts.

VC 27360(A and B)
436

Mandatory use of child passenger restraints

Note: This fine may be reduced by completing a court authorized child seat diversion program.

VC 27400
178

Headsets/Earplugs over both ears.

VC 27803 (A through C)
178

Motorcycle safety helmet requirements.

VC 34506.3
616

Commercial Driver - Log book violation

VC 4000(A)
256

No evidence of current registration.

Note: The fine may be reduced with valid proof of correction.

VC 4159
178

Notify DMV of change of address within 10 days.

Note: The fine may be reduced with valid proof of correction.

VC 5200
178

Display of license plates.

Note: The fine may be reduced with valid proof of correction.

VC 9400 (A through C)
178

Commercial weight fees due.

Note: The fine may be reduced with valid proof of correction.


15 posted on 01/29/2010 4:22:31 PM PST by Ev Reeman
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To: NormsRevenge

So if we hired a bunch of people for a week each, do we get $5000 each?


16 posted on 01/29/2010 4:26:10 PM PST by GeronL (http://tyrannysentinel.blogspot.com)
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To: NormsRevenge

Okay, who am I now subsidizing with this boondoggle?


17 posted on 01/29/2010 4:27:46 PM PST by Trajan88 (www.bullittclub.com)
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To: cranked
"$787 billion was for what then?"

Political pork and kickbacks to those that got him elected.

18 posted on 01/29/2010 4:27:46 PM PST by Proud_USA_Republican ("The problem with socialism is that you eventually run out of other people's money.")
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To: NormsRevenge
President Barack Obama on Friday proposed $33 billion in tax credits to coax small businesses into hiring workers

Uh, bammie, companies hire employees because demand for their product or service warrant it, not because of tax credits.

F'n dork, although you can now say you gave tax breaks and it is the businesses fault that there is still un employment and not yours but we know your game.

19 posted on 01/29/2010 4:33:12 PM PST by Las Vegas Ron ("Because without America, there is no free world" - Canada Free Press - MSM where are you?)
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To: NormsRevenge

Hire a 50K a year employee just for a 5K tax break don’t seem to be a ood deal to me.


20 posted on 01/29/2010 4:35:00 PM PST by Sybeck1 (POTUS : Punk of the United States)
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To: Ev Reeman

LOL. Clever response-I like it.


21 posted on 01/29/2010 4:36:34 PM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: sten

Giving money to small businesses to hire more workers which the small businesses would have to pay their salaries and benefits especially if these workers became unionized which this administration is pushing not to mention hiring unskilled labor re: illegal immigrants that undercut Americans from taking those jobs. Somehow I do not think that plan is going to work...


22 posted on 01/29/2010 4:39:07 PM PST by Ev Reeman
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To: NormsRevenge
$30 billion divided by $5000 per job is 6.6 million jobs.

How does he define "NEW" job. Wanna bet a "NEW JOB" is a union job? I'll put money on it!

23 posted on 01/29/2010 4:39:20 PM PST by 6ppc (It's torch and pitchfork time)
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To: Sybeck1

Only if you were going to hire someone anyway. Therefore, just another useless proposal, showing no understanding of the economics of supply and demand and what it takes to create a pro-growth business environment.


24 posted on 01/29/2010 4:43:47 PM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: NormsRevenge
How about keep the $33 billion and simply cut the minimum wage for anyone under 18 years old to $5.00 a hour. I know, the horror of that idea!!!

That in it self should create jobs and start pumping money into the economy

25 posted on 01/29/2010 4:47:46 PM PST by Popman (Election 2010: Congress: your pink slips are coming ............... :)
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To: NormsRevenge
If the country added 150,000 new jobs a month from now until November 2012, unemployment would still be 9%.

How likely is that?

Tax cuts like this don't mean a thing unless the mountain of excessive debt is removed from the private AND government sector.

Even less likely.

26 posted on 01/29/2010 4:49:22 PM PST by Grim (I'm voting for Sarah)
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To: NormsRevenge
I would say to draw the kenyan a picture, but I still don't think he'd get it.

Poking all this "one-time" money at employers expecting it to create lasting jobs is like walking on a treadmill for one day and expecting to lose 50 pounds...it's (here's that word that is the mainstay of all liberal/progressive thinking...) UNSUSTAINABLE.

"U"seems to be a popular letter for liberal/progressives; in addition to all of their policies being "Unsustainable", they are also plauged with "Unintended consequences".

They constantly seek the mythical land of Utopia, coming up with Unfunded mandates to try and achieve it.

When they are in charge, "Unployment" is always "Up", as are taxes.

They love "Unions", live off "Uncle Sam", and most of their women are "Ugly".

To that I say to all liberals everywhere, "Up yours" and "screw U.
27 posted on 01/29/2010 4:50:37 PM PST by FrankR (The ones of us who love AMERICA far outnumber those who love obama - your choice.)
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To: MrPiper
Let me get this right,,, you want me to pay a guy $30K/yer when my sales are down and layoffs eminent, to get $5K worth of tax deduction........ you are a MORON!!

Exactly

But none of this crap is really about creating jobs it's all about the perception that 0bamao and his statism buddies are, uh, trying hard to be seen doing something.

28 posted on 01/29/2010 4:55:37 PM PST by A message
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To: Ev Reeman

I just stole that! LOL!


29 posted on 01/29/2010 5:19:50 PM PST by 6ppc (It's torch and pitchfork time)
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To: ConservativeMind

“Hired, then laid off two months later.”

Or one come in - another goes out


30 posted on 01/29/2010 5:28:37 PM PST by NavyCanDo
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To: A message
it's all about the perception

Everything this administration does is all about the perception. Yes we can - deceive the people....

31 posted on 01/29/2010 5:28:50 PM PST by jersey117
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To: NormsRevenge
How about passing even MORE radical tax reform along the lines of Steve Forbes' flat tax or FairTax and get a stimulus that could run over US$20 TRILLION from repatriated American-owned liquid assets and new foreign investment as we eliminate taxes on bank savings accounts and investments?
32 posted on 01/29/2010 5:45:18 PM PST by RayChuang88 (FairTax: America's economic cure)
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To: FrankR
Your post was Unexpected.
33 posted on 01/29/2010 5:51:24 PM PST by MortMan (Stubbing one's toes is a valid (if painful) way of locating furniture in the dark.)
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To: NormsRevenge

Can someone either corroborate or debunk the number I heard for the “Oh-so-Popular” Cash for Clunkers program? I heard that each car sold cost the American Taxpayer $23,000. if true, we should be hammering that fact over and over and over again every time they try to fly this pie-in-the-sky crap in our faces. How much should the taxpayers expect to come up with, say, per $50,000 job? $350,000? This is SUCH total BS!!!!!!!!!!!!!!!!


34 posted on 01/29/2010 6:17:10 PM PST by Humble Servant (see y'all in the Gulag.)
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To: NormsRevenge

THis might have been a good idea a year ago. Maybe Obama could explain why he waited a year.


35 posted on 01/29/2010 6:23:18 PM PST by CharlesWayneCT
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To: NormsRevenge

Left hand stealing from the right hand.

How much is the proposed IRS enforced fine if a employer does NOT provide health insurance to employees?


36 posted on 01/29/2010 9:54:38 PM PST by JerseyHighlander
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