Thursday, February 11, 2010

New (No Jobs) Jobs Bill Announced!

A bill, that Democrats claim will create jobs, was unveiled today (02/11/2010) by the U.S. Senate Finance Committee.

The High Lights of that Bill are as follows

Businesses that hire unemployed workers who have been out of work for at least two months this year would not have to pay the 6.2 percent payroll tax on these workers that funds Social Security. The new hire must be paid $106,000 or more. Employers also can get a $1,000 tax credit for each of these new hires who they retain for more than a year.
Estimated cost: $13 billion over a decade.

Renews certain politically popular business and individual tax breaks, including a credit for companies' research and development costs and an energy tax credit for alternative fuel vehicles.
Estimated cost: $31 billion over a decade.

Provides temporary funding relief for employer pension plans hit with major losses since the market slide in 2008.
Estimated cost: $6 billion over ten years.

Extends expensing thresholds so companies can write off up to $250,000 for certain capital outlays in 2010 instead of depreciating those costs over time.
Estimated cost: $35 billion over a decade.

Extends the Highway Trust Fund, which helps state and local governments pay for road and transit projects, through Dec. 31.
No revenue impact. ????? Really?

Allows investors to convert tax-credit bonds -- municipal bonds that let certain issuers borrow cheaply -- into Build America Bonds.
Build America Bonds, which yield taxable returns, have been popular among investors, driven by a federal rebate. Under the Senate bill, the rebate would equal 45 percent of borrowing costs.
Estimated cost: $2 billion over 10 years.

Extends for seven months a scheduled 21 percent cut in doctor payments under the Medicare health-insurance program. Congress has been avoiding these cuts for years through temporary extensions that do not address the underlying payment formula, which would otherwise cause huge pay cuts for doctors and make it harder for Medicare patients to find care. Also extends other Medicare-related payment rules.
Estimated cost: $10 billion over 10 years.

Extend unemployment payments and COBRA healthcare subsidies for the jobless through May 31 for those who would otherwise exhaust the benefits available under the two programs. Congress has enhanced both programs already but many of the long-term unemployed are currently scheduled to exhaust their benefits by the end of February.
Estimated cost: $25 billion over 10 years.

The Bill also contains several plots that aim to increase tax revenues.
In addition, the Bill contains Billions of dollars in pork and paybacks.

Don’t be suckered by the title, This Bill will do nothing to create jobs. It is extremely hard to imagine that ANY business will open a single job as a result of this Bill.

This Bill is nothing more than another Porkulous Bill !!!
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