Democrats Propose New Jobs Bill – And It’s a Good One

[There Is No Spoon]

07/10/2012 · 4:36 pm By Beth

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Democrats Propose New Jobs Bill – And It’s a Good One
07/10/2012 · 4:36 pm By Beth 2 Comments
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Senate Democratic Leaders: (L-R) Senators Dick Durbin, Harry Reid, and Chuck Schumer. / Image: DonkeyHotey/Flickr

On Tuesday, Democrats in the Senate introduced a new bill, the Small Business Jobs and Tax Relief Act, which could generate almost a million jobs nationwide, with over 630 thousand jobs for small businesses alone, through tax credits for those small businesses designed to help them expand their payrolls or increase salaries for existing employees, and in a report from Regional Economic Models, Inc. (REMI), a private economic forecasting firm, they estimate the bill would add $87 billion to the GDP and increase personal incomes by $73 billion. The bill is estimated to cost $28 billion.

The bill would give small businesses a 10% tax break for hiring new employees or raising the wages of their current employees, and caps the benefit at $500,000, which would specifically target small business employers. It also extends the 100% depreciation deduction, which allows business owners to write off large purchases, such as equipment, in their entirety for the tax year in which they were purchased, rather than having to depreciate those purchases over several years. So, say Suzi Q goes out and buys $50,000 worth of kitchen equipment for her café, instead of having to write that off over a depreciation period of ten years, she can write off the entire $50,000 for credit on her taxes for 2012.

Not bad, huh?

...

Of course, now we’re all waiting to hear what the Republican excuse will be for blocking the bill…

http://veracitystew.com/2012/07/10/democ...8.facebook

[jaxx]

The repubs are busy today saying Harry Reid won't let them vote on the AJA. Of course they omit the fact that a McConnell amendment must be tacked on. Hell yes Reid won't fall for that.

[pappy]

They will block it by demanding it include the top 2% and extend the Bush tax boondoggle indefinitely.

[There Is No Spoon]

Senate Republicans to Block Bill Giving Tax Breaks to Small Businesses For Hiring

[jaxx]

Oh gawd TINS that hurt. But it's how the GOP works, and I'm seeing the Dems not playing as much anymore.

[jaxx]

Senator Harry Reid ‏@SenatorReid
Republicans are holding tax cuts for the the middle class hostage just to protect tax breaks for the top 2% Americans

This refers to the McConnell amendment.....to leave ALL the Bush tax cuts alone while the wonderful Senate negotiates tax reform. In a pigs eye.