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The President's long awaited jobs plan is a combination of tax breaks and new spending.
We are going to look at both.
Lets start with the tax cuts.
What would the American Jobs Bill do for the average worker or small business? Under the plan, Congress would expand a payroll tax cut. Typical workers would get an extra $1,500 in their paychecks next year.
The plan also calls for:
A tax credit of up to $4,000 for hiring workers who have been unemployed more than six months.
A tax credit of up to $5,600 for hiring military veterans who have been out of work more than six months.
A tax credit of up to $9,600 for hiring military veterans with service-related disabilities who have been out of work more than six months.
Getting agreement with Republicans on those issues could happen. But, the plan also calls for more spending. The American Jobs Act would spend $447 billion dollars on jobs.
It would prevent up to 280,000 teacher layoffs,while keeping cops and firefighters on the job, modernize at least 35,000 public schools, and make investments in a National Infrastructure Bank.
The big question surrounding this plan is how to pay for it.
The President wants the Congressional Super Committee that is already tasked with cutting $1.5 trillion in spending to add the other nearly $500 billion to their tab.
If they can't, the bill will be paid for by raising taxes.
$41 billion in tax breaks for oil and gas companies
$18 billion dollars for taxes raised on investment fund managers profits
$3 billion in the reduction of corporate tax breaks on corporate jets...
The rest of the pie, $405 billion dollars would come in the form of raising taxes on people making $200,000 dollars and above and families that make over $250,000.
Here's what you need to know:
This bill is not a permanent jobs bill. It creates only temporary jobs.
The biggest problem with the first stimulus bill is reverse stimulus.
When the federal money runs out, all the workers, teachers, cops and firefighters who are sustained or hired with federal money are then laid off.
In the State of Ohio, we know all about that because that is exactly what has been happening state-wide over the last year. Teachers, firefighters and police laid off because local and state governments don't have the federal money coming in.
Regardless of all that, the political will for additional stimulus isn't there. On one side, conservatives say the first stimulus was too much and didn't help the economy. On the other side, progressives say it was not enough, so it didn't help the economy.