Monday, October 31, 2011

A Breakdown of The Americans Jobs Act

The Americans Jobs Act was submitted to Congress to help spur the economy and create jobs for millions of Americans but Congress did not approve it. The Americans jobs act has 5 key components: tax cuts to help small businesses grow, rebuilding and modernizing America, help unemployed Americans, tax cuts for employees and families and funding of the act through the long-term deficit reduction plan.

The Act would lower veteran unemployment. A new Returning Heroes Tax Credit up to $5,600 would be available for veterans who have been unemployed at least 6 months. A Wounded Warriors Tax Credit up to $9,600 would increase the tax credit for firms that hire veterans with service related disabilities that have been unemployed for at least 6 months.

The Act would extend unemployment insurance for 6 million unemployed Americans and provide services to help them become employed. The Act would also provide tax credits to employers that hire long-term unemployed. The Act would also provide support for summer and year round employment for youth and provide training to youth and adults. The Act would also work to eliminate discrimination against the unemployed.

Public Service Employees
The Act would prevent up to 280,000 teacher layoffs due to state and local budget reductions and keep police officers and firefighters employed. The Act would expand wireless internet services for police, fire fighters, and emergency services personnel.

Foreclosed Properties
The Act would rrehabilitate hundreds of thousands of foreclosed and vacant properties across the country; support banks to buy, hold and redevelop distressed properties and establish property maintenance programs for previously vacant and abandoned properties.

Small Businesses
The Americans Jobs Act would provide tax cuts to help small businesses who provide 90% of the jobs in the economy. The tax cuts would be available regardless of size or type of business. A 50% reduction in payroll tax would be available to small employers on their first $5 million in payroll reducing the tax to 3.1% in 2012. The payroll tax cut is believed to be one of the most effective ways to create jobs and reduce costs for small businesses.

The Act would help small business startups and existing businesses expand and accelerate government payments to small contractors. A one-stop online site would be created that small businesses could use to access government programs and services to help them compete globally. The Act would delay the Bush Administration’s 3% withholding of payments made to contractors.

The Act would temporarily increase the limit on SBA guaranteed surety bonds from $2 to $5 million to help small businesses compete for and win bids on infrastructure projects. The Act would also work with the Securities and Exchange Commission to reduce regulations that address costs incurred by small businesses complying with the Sarbanes-Oxley auditing requirements.

The Act would extend the 100% expensing provision that rewards companies for making investments by allowing them to deduct the full value (bonus depreciation) of investments such as wireless, energy efficient, technology improvements and other advances through 2012.

The Act will reform the patent system and allow small businesses to get their ideas to market faster to help grow the economy and provide innovative solutions. The Act would repair and modernize classrooms and hire laid off teachers. It would also repair and modernize roads, railways and airports.

What is the reason Congress didn’t want to approve this Act or at least a part of it? Write your congressman to ask them to help the President improve the economy or develop their own bills to help improve the economy.

1 comment:

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