The Political Fray - Political Forum
Go Back   Political Fray > The Political Fray > Current Events

Current Events Latest news, current events, and headlines from around the world


Reply
 
LinkBack Thread Tools Display Modes
Old January 29th, 2010, 07:31 PM   #1
myp
Founding Father
 
myp's Avatar
 
Joined: Jan 2009
From: us
Posts: 5,907

$33 billion tax credit to boost employment

President Obama has unveiled a new plan that would provide tax credit for companies who hire new employees. The plan comes in light of a big Democrat loss in Massachusetts and growing worries about the employment number.The focus with this proposal is to get small businesses to start hiring more.

full story here: http://www.reuters.com/article/idUSTRE60S0BH20100129

Thoughts?
myp is offline  
Old January 30th, 2010, 04:26 AM   #2
Congressional Leader
 
DodgeFB's Avatar
 
Joined: Mar 2009
From: Undisclosed
Posts: 2,821

Quote:
Originally Posted by myp View Post
President Obama has unveiled a new plan that would provide tax credit for companies who hire new employees. The plan comes in light of a big Democrat loss in Massachusetts and growing worries about the employment number.The focus with this proposal is to get small businesses to start hiring more.

full story here: http://www.reuters.com/article/idUSTRE60S0BH20100129

Thoughts?
Where have I heard this before?
DodgeFB is offline  
Old January 31st, 2010, 02:59 AM   #3
Secretary of State
 
deanhills's Avatar
 
Joined: Mar 2009
Posts: 2,187

Quote:
Originally Posted by DodgeFB View Post
Where have I heard this before?
Right, and why should it have taken him so long to come up with this? It took the loss of an election to come up with this idea?
deanhills is offline  
Old February 8th, 2010, 10:15 AM   #4
GOP
Representative
 
GOP's Avatar
 
Joined: Feb 2010
From: United Kingdom
Posts: 360

This is what Obama does when he realizes that credits instead of hostility to businesses are good for the country and it definitely prevents unemployment.
GOP is offline  
Old February 8th, 2010, 01:07 PM   #5
Secretary of State
 
deanhills's Avatar
 
Joined: Mar 2009
Posts: 2,187

Quote:
Originally Posted by GOP View Post
This is what Obama does when he realizes that credits instead of hostility to businesses are good for the country and it definitely prevents unemployment.
I still would like to know why it took him so long to realize that. The right timing for this would have been during the bail-out stage last year in January. When unemployment was at its most critical stages.
deanhills is offline  
Old February 8th, 2010, 06:17 PM   #6
GOP
Representative
 
GOP's Avatar
 
Joined: Feb 2010
From: United Kingdom
Posts: 360

Quote:
Originally Posted by deanhills View Post
I still would like to know why it took him so long to realize that. The right timing for this would have been during the bail-out stage last year in January. When unemployment was at its most critical stages.
Because his own beliefs to follow, and when you have to break with the principles of those because you realize something else is better, then I can understand it's embarrassing. I hope this means Americans will see what Obama is really doing, is to actually sneak in Republican policies in his plans because he realizes his own are too business hostile. And the next when elections come Americans will choose the original (Republican) instead of the copycats (Democrats).
GOP is offline  
Old February 8th, 2010, 07:38 PM   #7
Representative
 
dave's Avatar
 
Joined: Jan 2010
From: Alaska
Posts: 131

This isn't going to have nearly the impact Obama and company think. As a business owner, a $5,000 credit is trivial in the total cost of an employee at my company. Maybe a low hourly wage company (McDonalds, etc.) might make use of it, particularly if they get the full credit for hiring a less than 40 hour a week employee. But as far as full time, long term employment at a "living" wage - forget it.

In December, we actually stopped an expansion that would have hired 9 new employees this quarter because of the policies coming out of Washington. Talk of a new 2-8.5% payroll tax, removing the limit on income subject to social security tax, increasing the tax on "high income" earners (which is a direct tax on small business), carbon tax schemes, years of uncertainty on health care costs, there is no way to predict what labor costs will be. We are profitable now, we don't need to expand, and the prudent move is to maintain the status quo.
dave is offline  
Old February 8th, 2010, 08:45 PM   #8
Secretary of State
 
deanhills's Avatar
 
Joined: Mar 2009
Posts: 2,187

@Dave. Good point, especially if one compares a few billion dollars to 1.2 trillion. If he had put most of the 1.2 trillion to employment incentives, that would have made much more sense.
deanhills is offline  
Old February 9th, 2010, 01:19 AM   #9
Representative
 
dave's Avatar
 
Joined: Jan 2010
From: Alaska
Posts: 131

Quote:
Originally Posted by deanhills View Post
@Dave. Good point, especially if one compares a few billion dollars to 1.2 trillion. If he had put most of the 1.2 trillion to employment incentives, that would have made much more sense.
$1.2 Trillion is about how much the government receives in personal income tax in one year. If the govt had given a 50% across the board reduction on income tax for 2 years, wow that would have been a stimulus. But if they did that, they lose control of all that money, no social engineering, no paying off political favorites - and there would be tremendous pressure on the feds to leave the reduction in place after the 2 years.
dave is offline  
Old February 9th, 2010, 03:53 AM   #10
Congressional Leader
 
DodgeFB's Avatar
 
Joined: Mar 2009
From: Undisclosed
Posts: 2,821

Quote:
Originally Posted by dave View Post
$1.2 Trillion is about how much the government receives in personal income tax in one year. If the govt had given a 50% across the board reduction on income tax for 2 years, wow that would have been a stimulus. But if they did that, they lose control of all that money, no social engineering, no paying off political favorites - and there would be tremendous pressure on the feds to leave the reduction in place after the 2 years.
And they sure would not want to do that.
DodgeFB is offline  
Old February 9th, 2010, 01:04 PM   #11
Secretary of State
 
deanhills's Avatar
 
Joined: Mar 2009
Posts: 2,187

Quote:
Originally Posted by dave View Post
$1.2 Trillion is about how much the government receives in personal income tax in one year. If the govt had given a 50% across the board reduction on income tax for 2 years, wow that would have been a stimulus. But if they did that, they lose control of all that money, no social engineering, no paying off political favorites - and there would be tremendous pressure on the feds to leave the reduction in place after the 2 years.
Right, most of all, it would have been too simple. People would have understood what the Government was doing.
deanhills is offline  
Reply

  Political Fray > The Political Fray > Current Events

Tags
$33 , billion , boost , credit , employment , tax



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Illinois credit rating downgraded. chris7375 Current Events 0 January 26th, 2013 10:17 AM
Loan me a Billion FEMA Economics 5 October 17th, 2012 12:24 PM
Fannie Mae looks for $5.1 billion more myp Current Events 3 August 6th, 2011 04:41 PM
Is there a credit bubble in China? myp Economics 1 January 12th, 2010 02:28 PM
Fannie/Freddie to recieve access to unlimited credit line for three years myp Current Events 7 January 5th, 2010 10:21 PM


Facebook Twitter RSS Feed



Copyright © 2009-2013 Political Fray. All rights reserved.