On Monday, President Barack Obama released a $3 trillion deficit reduction plan (PDF), including a new tax on millionaires, lower corporate tax rates and the closing of some tax loopholes and tax breaks.
Obama’s plan aims to cut the deficit by $3 trillion over 10 years in addition to more than $1 trillion in cuts already agreed to as part of the debt ceiling agreement from August. A bipartisan joint Congressional committee is working on a deficit reduction plan to follow up on that deal.
The plan includes structural reforms to Medicare and Medicaid, but does not raise the minimum age for Medicare eligibility. It depends in part on savings from the anticipated end to the Iraq and Afghanistan wars, as well as the changes to the tax code.
Read the full story at vscpa.com and sound off in the comments. Is the plan a good step toward reducing the deficit?
Showing posts with label Barack Obama. Show all posts
Showing posts with label Barack Obama. Show all posts
Tuesday, September 20, 2011
Tuesday, September 13, 2011
Obama Sends Jobs Bill to Congress
On Monday, President Barack Obama released the American Jobs Act (PDF) to Congress, including tax credits for new hires and an expansion of the payroll tax cut.
Obama had revealed the basic framework of the bill during an address to a joint session of Congress on Sept. 8. The bill includes tax breaks for companies to hire unemployed workers and veterans and for small businesses to raise wages. It also includes an extension of the payroll tax cut and unemployment benefits, as well as money to fund infrastructure and school construction projects.
The bill would expand the payroll tax cut passed in December 2010 to cut workers’ payroll taxes in half for 2012. It would also halve the taxes paid by businesses on their first $5 million in payroll. It would completely eliminate payroll taxes for companies that increased their payrolls by adding new workers or increasing the wages of current workers, capped at the first $50 million in payroll increases.
Read the full article at vscpa.com and sound off in the comments. Can this bill help put unemployed Americans back to work?
Obama had revealed the basic framework of the bill during an address to a joint session of Congress on Sept. 8. The bill includes tax breaks for companies to hire unemployed workers and veterans and for small businesses to raise wages. It also includes an extension of the payroll tax cut and unemployment benefits, as well as money to fund infrastructure and school construction projects.
The bill would expand the payroll tax cut passed in December 2010 to cut workers’ payroll taxes in half for 2012. It would also halve the taxes paid by businesses on their first $5 million in payroll. It would completely eliminate payroll taxes for companies that increased their payrolls by adding new workers or increasing the wages of current workers, capped at the first $50 million in payroll increases.
Read the full article at vscpa.com and sound off in the comments. Can this bill help put unemployed Americans back to work?
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