Jobs for America Act
The following is from a White House summary of the American Jobs Act, which President Obama outlined in a September 8, 2011, before a joint session of Congress. Tax Cuts to Help America’s Small Businesses Hire and Grow. Cuts 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. Eliminates payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker. Extends 100 percent expensing into 2012, continuing an effective incentive for…
