Fact Sheet: The American Jobs Act

[jaxx]

The White House

Office of the Press Secretary
For Immediate Release
September 08, 2011
Fact Sheet: The American Jobs Act

THE AMERICAN JOBS ACT


1. Tax Cuts to Help America’s Small Businesses Hire and Grow

Cutting the payroll tax in half for 98 percent of businesses: The President’s plan will cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98 percent of firms that have payroll below this threshold.
A complete payroll tax holiday for added workers or increased wages: The President’s plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (the benefit is capped at the first $50 million in payroll increases).
Extending 100% expensing into 2012: This continues an effective incentive for new investment.
Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.

2. Putting Workers Back on the Job While Rebuilding and Modernizing America

A “Returning Heroes” hiring tax credit for veterans: This provides tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans.
Preventing up to 280,000 teacher layoffs,while keeping cops and firefighters on the job.
Modernizing at least 35,000 public schools across the country,supporting new science labs, Internet-ready classrooms and renovations at schools across the country, in rural and urban areas.
Immediate investments in infrastructure and a bipartisan National Infrastructure Bank, modernizing our roads, rail, airports and waterways while putting hundreds of thousands of workers back on the job.
A New “Project Rebuild”, which will put people to work rehabilitating homes, businesses and communities, leveraging private capital and scaling land banks and other public-private collaborations.
Expanding access to high-speed wireless as part of a plan for freeing up the nation’s spectrum.


Much more at link: http://www.whitehouse.gov/the-press-offi...n-jobs-act

Be sure to scroll down for AMERICAN JOBS ACT OVERVIEW which has a lot of details.

[There Is No Spoon]

I was just going to post something similar - I'll add it here

Factbox: Key elements of Obama's $447 billion jobs plan

Thu Sep 8, 2011 7:58pm EDT

(Reuters) - President Barack Obama proposed a $447 billion package of tax cuts and spending measures on Thursday aimed at spurring growth and hiring.

Here are some of the key elements of his American Jobs Act, which he announced to a rare joint session of Congress:

EMPLOYEE PAYROLL TAX HOLIDAY

Obama is proposing a $175 billion one-year extension and expansion of the employee payroll tax holiday that would halve the tax rate to 3.1 percent in 2012.

EMPLOYER PAYROLL TAX HOLIDAY

Obama is seeking $65 billion to encourage small businesses to hire more workers. This includes halving employer payroll taxes to 3.1 percent for the first $5 million of a company's wage bill in 2012, which the administration says will reach 98 percent of small businesses. He also wants a complete payroll tax holiday for increasing the size of the payroll by up to $50 million above the prior year, either by hiring new workers or raising the salaries of the existing labor force.

HOUSING

Obama wants to broaden homeowner access to mortgage refinancing and help the battered housing market by allowing households to take advantage of ultra-low borrowing costs that would help them put their finances on a sounder footing.

Administration officials say he hopes to push forward with a plan in the next few weeks. To hammer out a proposal, the Treasury Department is talking with U.S. mortgage finance giants Fannie Mae and Freddie Mac, and their regulator the Federal Housing Finance Agency, to figure out ways to broaden access for homeowners by removing barriers to refinancing.

EXTENDING 100 PERCENT COMPANY EXPENSING INTO 2012

At a cost of $5 billion, Obama wants to extend a 100 percent expensing tax break for companies, allowing them to immediately take a tax deduction for investment in new plant and equipment.

$85 BLN IN AID FOR STATE AND LOCAL GOVERNMENTS

-- $35 billion to keep teachers, firefighters and police officers in their jobs, of which $30 billion would go to schools and $5 billion to police and firefighters.

-- $30 billion to modernize schools and community colleges.

-- $15 billion to rehabilitate and refurbish vacant and foreclosed homes.

-- $5 billion to help low-income youths and adult workers, supporting summer and year-round jobs for young people and support subsidized work for unemployed low-income workers.

ROAD, RAIL AND AVIATION INFRASTRUCTURE SPENDING

Obama seeks $50 billion to invest in highways, transit, rail and aviation, including upgrading U.S. airports and supporting Nextgen Air Traffic modernization.

INFRASTRUCTURE BANK

Obama wants $10 billion to capitalize an infrastructure bank to leverage private and public infrastructure investment "without earmarks or traditional influence," the White House says.

EXTENDING UNEMPLOYMENT INSURANCE, BRIDGE TO WORK

-- $49 billion for a one-year extension of long-term unemployment benefits that would otherwise expire, which the White House says prevents 6 million jobless Americans from losing benefits. It includes reforms to the jobless aid system and a "bridge to work" program to help get unemployed people back to work.

-- $8 billion for tax credits for long-term unemployed.

http://www.reuters.com/article/2011/09/0...TG20110908

[jaxx]

Good info, thanks. It's a pretty comprehensive plan....if the teapubs will pass it. If not, their name is mud.

[WIDemsFight]

As Ed says, "Do you want to be a Tea Partier or do you want to be an American?"

[Cha]

Thanks,jaxx & TINS! We should keep this PINNED. Very Important Thread~

[jaxx]

A State by State Look at the American Jobs Act

The purpose of the American Jobs Act, which President Obama presented to Congress last night, is simple: Put more people back to work and put more money in the pockets of working Americans. The President's plan will rebuild the economy the American way -- based on balance, fairness and the same set of rules for everyone from Wall Street to Main Street.

The American Jobs Act offers benefits for workers and for business owners -- to see what impact the Jobs Act will have in your community, click on the link below for your state.

All states are listed. http://www.whitehouse.gov/blog/2011/09/0...x4.twitter

Sample:
For Illinois

1. Tax Cuts to Help America’s Small Businesses Hire and Grow
 The President’s plan will cut the payroll tax in half to 3.1% for employers on the first $5 million in
wages, providing broad tax relief to all businesses but targeting it to the 98 percent of firms with
wages below this level. In Illinois, 260,000 firms will receive a payroll tax cut under the American
Jobs Act.

2. Putting Workers Back on the Job While Rebuilding and Modernizing America
 The President’s plan includes $50 billion in immediate investments for highways, transit, rail and
aviation, helping to modernize an infrastructure that now receives a grade of “D” from the American
Society of Civil Engineers and putting hundreds of thousands of construction workers back on the
job. Of the investments for highway and transit modernization projects, the President’s plan will
make immediate investments of at least $1,594,000,000 in Illinois that could support a minimum of
approximately 20,700 local jobs.
 The President is proposing to invest $35 billion to prevent layoffs of up to 280,000 teachers, while
supporting the hiring of tens of thousands more and keeping cops and firefighters on the job. These
funds would help states and localities avoid and reverse layoffs now, and will provide $1,235,500,000
in funds to Illinois to support up to 14,500 educator and first responder jobs.
 The President is proposing a $25 billion investment in school infrastructure that will modernize at
least 35,000 public schools – investments that will create jobs, while improving classrooms and
upgrading our schools to meet 21st
century needs. Illinois will receive $1,111,600,000 in funding to
support as many as 14,500 jobs.
 The President is proposing to invest $15 billion in a national effort to put construction workers on the
job rehabilitating and refurbishing hundreds of thousands of vacant and foreclosed homes and
businesses. Illinois could receive about $351,200,000 to revitalize and refurbish local communities, in
addition to funds that would be available through a competitive application.
 The President’s plan proposes $5 billion of investments for facilities modernization needs at
community colleges. Investment in modernizing community colleges fills a key resource gap, and
ensures these local, bedrock education institutions have the facilities and equipment to address current workforce demands in today’s highly technical and growing fields. Illinois could receive
$212,700,000 in funding in the next fiscal year for its community colleges.

http://www.whitehouse.gov/sites/default/...act_IL.pdf

[cannae1]

I do not think that the GOP wants anything to do with this bill.

Considering the state of american politics - reason has been abdicated - I do not know if the GOP will pay a price for failing to act.

[jaxx]

The GOP will pay the price if people get out to vote. Blatantly stopping economic progress and denying jobs to people who need them........who would vote for that??

[cannae1]

jaxx, theoretically, I agree. If people get out to vote, the GOP will lose.

But, being rational is a choice that people make. Frequently, they decide not to be.
They want to be the prisoner of their passions.

But, you get the word out and rely upon people to see what needs to be done.