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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
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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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