WASHINGTON (MNI) – The following is a breakdown of the costs
associated with the America Jobs Act unveiled by President Barack Obama
Thursday provided by the White House:
1.Tax Cuts to Help America’s Small Businesses Hire and Grow ($70
Bln)
– Cut employer payroll taxes in half & bonus payroll cut for new
jobs/wages $65 Bln
– Extend 100% expensing in 2012 $5 Bln
2. Putting Workers Back on the Job While Rebuilding and Modernizing
America ($140 Bln)
– Teacher rehiring and first responders $35 Bln
– Modernizing schools $30 Bln
– Immediate surface transportation $50 Bln
– Infrastructure bank $10 Bln
– Rehabilitation/repurposing of vacant property (neighborhood
stabilization) $15 Bln
– National wireless initiative $0*
– Veterans hiring initiative n.a.
3. Pathways Back to Work for Americans Looking for Jobs $62 Bln
– UI Reform and Extension $49 Bln
– Jobs tax credit for long term unemployed $8 Bln
– Pathways back to work fund $5 Bln
4. More Money in the Pockets of Every American Worker and Family
($175 Bln)
– Cutting employee payroll taxes in half in 2012 $175 Bln
TOTAL: $447 Billion
* Proposal has a gross cost of $10bn, but a net deficit reducing
impact of $18bn because of spectrum auction proceeds.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MFU$$$,MGU$$$,MAUDS$,M$$CR$,MTABLE]
