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BigRedChief
01-29-2010, 08:01 AM
I don't think an employer is going to hire a new employee for just the $5K. But just like the cash for clunkers it might be enough for those sitting on the fence about hiring new employees to pull the trigger.

http://www.foxnews.com/politics/2010/01/28/obama-unveil-plan-b-tax-breaks-spur-job-growth/

Obama to Propose $5,000 Tax Credit Per New Job

FOXNews.com

The plan, which the president is scheduled to announce in a stop at a Baltimore business, would offer a $5,000 tax credit for each new worker hired this year, up to $500,000 per business.

President Obama speaks at a town hall meeting at the University of Tampa Jan. 28. (AP Photo)


President Obama will unveil his new jobs plan Friday, to include $33 billion in tax breaks for businesses to hire workers and increase pay.
The plan, which Obama is scheduled to announce in a stop at a Baltimore business, would offer a $5,000 tax credit for each new worker hired this year, up to $500,000 per business.

The cap is one of several features meant to tailor the program more to small businesses than to large corporations. Startup companies could receive half that amount. Existing companies could not close down and then reopen under a new name and receive any benefits, White House officials said Thursday

Obama alluded to the plan Wednesday in his State of the Union speech, in which he set job growth and specifically passage of a jobs bill as his top priority in 2010.

"People are out of work. They're hurting. They need our help. And I want a jobs bill on my desk without delay," Obama said Wednesday in his prime-time address.

Obama also called for $30 billion from repaid Wall Street bailout funds to be directed toward helping community banks lend to small businesses. He pitched a new tax credit for small businesses that hire new workers and a tax incentive for businesses that invest in new plants and equipment. Plus he called for the elimination of all capital gains taxes for small business investment.

Obama said the "devastation" of the economic crisis remains, but also defended his approach so far, saying his administration acted "immediately and aggressively" to stave off a "second depression."

The jobs plan, which needs congressional approval, would end on Dec. 31. Administration officials proposed funding it with money repaid to the government from the 2008-09 bank bailout program.
The Social Security system would not lose any revenue under the plan, administration officials said.

The House rejected a similar proposal last month, although Senate Democrats have warmed to the idea lately. House Republicans, meanwhile, hinted they would have questions about the effectiveness of Obama's plan.
The Associated Press contributed to this re

HonestChieffan
01-29-2010, 08:02 AM
Re-run of the Carter program.

RINGLEADER
01-29-2010, 12:06 PM
I don't think an employer is going to hire a new employee for just the $5K. But just like the cash for clunkers it might be enough for those sitting on the fence about hiring new employees to pull the trigger.

http://www.foxnews.com/politics/2010/01/28/obama-unveil-plan-b-tax-breaks-spur-job-growth/

Obama to Propose $5,000 Tax Credit Per New Job

FOXNews.com

The plan, which the president is scheduled to announce in a stop at a Baltimore business, would offer a $5,000 tax credit for each new worker hired this year, up to $500,000 per business.

President Obama speaks at a town hall meeting at the University of Tampa Jan. 28. (AP Photo)


President Obama will unveil his new jobs plan Friday, to include $33 billion in tax breaks for businesses to hire workers and increase pay.
The plan, which Obama is scheduled to announce in a stop at a Baltimore business, would offer a $5,000 tax credit for each new worker hired this year, up to $500,000 per business.

The cap is one of several features meant to tailor the program more to small businesses than to large corporations. Startup companies could receive half that amount. Existing companies could not close down and then reopen under a new name and receive any benefits, White House officials said Thursday

Obama alluded to the plan Wednesday in his State of the Union speech, in which he set job growth and specifically passage of a jobs bill as his top priority in 2010.

"People are out of work. They're hurting. They need our help. And I want a jobs bill on my desk without delay," Obama said Wednesday in his prime-time address.

Obama also called for $30 billion from repaid Wall Street bailout funds to be directed toward helping community banks lend to small businesses. He pitched a new tax credit for small businesses that hire new workers and a tax incentive for businesses that invest in new plants and equipment. Plus he called for the elimination of all capital gains taxes for small business investment.

Obama said the "devastation" of the economic crisis remains, but also defended his approach so far, saying his administration acted "immediately and aggressively" to stave off a "second depression."

The jobs plan, which needs congressional approval, would end on Dec. 31. Administration officials proposed funding it with money repaid to the government from the 2008-09 bank bailout program.
The Social Security system would not lose any revenue under the plan, administration officials said.

The House rejected a similar proposal last month, although Senate Democrats have warmed to the idea lately. House Republicans, meanwhile, hinted they would have questions about the effectiveness of Obama's plan.
The Associated Press contributed to this re


I guess.

If Obama would simply eliminate capital gains for small business for a set period of time you'd see investment return and hiring return.

But if he passes this I guess I'll take the $25,000 I "earned" so far this year...

HonestChieffan
01-29-2010, 12:18 PM
Its amazing what people come up with to help business when they have never run or been part of a business.

Say I have a widget business and the economy is slow and widget demand sucks. Along comes the happy government dude and he says you need to hire a guy and we will give you a $5000 tax credit.

Why would I hire this guy? The tax credit only pays me if I hire someone new to do a job I dont have a need for cause widget demand sucks. Hiring a new guy wont make people want widgets. And I will certainly have to pay this bugger more than 5 grand right?

Bottom line is business hire folks when they have demand and a need to hire people knowing they will produce more income than they cost to add on. (profit)

Government run by professors and political hacks gives us retreaded programs that didn't work the first time.

vailpass
01-29-2010, 12:22 PM
Great. Five whole grand huh? Where will he raise taxes to pay for this?

If I need an employee I'm hiring one whether this program is in place or not.
If I don't need an employee I'm not hiring one whether this program is in place or not.

When will this idiot obama realize he can't fix everything by throwing (our) money at it?

You really want to help me out? Start working towards an economy that will cause me to NEED to hire new employees.

BucEyedPea
01-29-2010, 12:23 PM
So Obama is going to use tax credit as a way to command and control what businesses do.
Engineering the society and control of the major means of production. What an effin' socialist!!

DJ's left nut
01-29-2010, 12:24 PM
Wow.

This administration really is shockingly stupid.

Nothing more than politically expedient handouts and platitudes.

You don't reward "jobs for jobs' sake", you create an environment where businesses want to expand, thereby creating more jobs.

Guess how we're gonna pay for this tax credit? I'll give you a hint - it ain't by taxing the poor or cutting entitlements...

This doesn't even qualify as robbing Peter to pay Paul. This is pretty much robbing Peter, his entire family, and raping his mother in order to by Paul a McDouble.

Hydrae
01-29-2010, 12:28 PM
Obama also called for $30 billion from repaid Wall Street bailout funds to be directed toward helping community banks lend to small businesses.

Somehow I knew that when the bailout money was repaid the money wouldn't go to pay down the loan needed to gat the money in the first place. With our current government, once the money is out of the barn, it ain't coming back!

fan4ever
01-29-2010, 01:00 PM
If there's a problem, throw money at it. Amazing how that approach never seems to get old.

BigRedChief
01-29-2010, 02:18 PM
If there's a problem, throw money at it. Amazing how that approach never seems to get old.this is not new. Democrats do tax incentives. Republicans do tax cuts,

DJ's left nut
01-29-2010, 02:22 PM
this is not new. Democrats do tax incentives. Republicans do tax cuts,

You fail to see the distinction there?

Okaaaaay.

memyselfI
01-29-2010, 02:30 PM
This has potential fraud and abuse all over it. :eek:

HonestChieffan
01-29-2010, 02:33 PM
This has potential fraud and abuse all over it. :eek:


You think? Maybe do a layoff and a rehire?

Cash for clunkers.

memyselfI
01-29-2010, 02:34 PM
You think? Maybe do a layoff and a rehire?

Cash for clunkers.

I might have to 'hire' my kids to do some yard work. :D

HonestChieffan
01-29-2010, 03:08 PM
I might have to 'hire' my kids to do some yard work. :D

See!

Obummerbucks to you!


Then fire em and they get unemployment

Otter
01-29-2010, 03:21 PM
I think I'll go find a store that still processes credit cards through mail receipts then put more money on it since I'm over the credit limit.

Taco John
01-29-2010, 03:43 PM
What a moronic idea.

ChiTown
01-29-2010, 03:45 PM
Brilliant.

Any way to get this fking crackhead to stop writing checks our skinny's asses can't cash?

Taco John
01-29-2010, 03:54 PM
I'm in favor of tax cuts. But what I don't favor is this idea that government can just "tune up" the economy however it chooses without suffering any blow back for their efforts. How about making the tax cuts permanent? Why is it just this year? What happens next year when the tax credit expires and the businesses are on the hook for that increase in their books? Five hires is an extra $25,000 dollars that they'll have to come up with next year.

It's just stupid economics.

Brock
01-29-2010, 03:58 PM
Hey!

DJ's left nut
01-29-2010, 04:08 PM
I'm in favor of tax cuts. But what I don't favor is this idea that government can just "tune up" the economy however it chooses without suffering any blow back for their efforts. How about making the tax cuts permanent? Why is it just this year? What happens next year when the tax credit expires and the businesses are on the hook for that increase in their books? Five hires is an extra $25,000 dollars that they'll have to come up with next year.

It's just stupid economics.

DING!!!

That's the distinction that BRC seems unable to grasp.

BigRedChief
01-30-2010, 10:42 AM
DING!!!

That's the distinction that BRC seems unable to grasp.I understand it perfectly. The government is not going to hire people, pay them and then allow them to work for your company. The company will make a decision based on its own selfish interests just like all business's do on a daily basis.

It's a friggin incentive to pull the trigger on the hire if you have been on the fence. WTF would anyome hire someone for a lousy $5K? No one is that stupid.

BucEyedPea
01-30-2010, 10:46 AM
You think? Maybe do a layoff and a rehire?

Cash for clunkers.

O.M.G. I never thought of that!:eek::mad::grr::shake:

mlyonsd
01-30-2010, 11:01 AM
I understand it perfectly. The government is not going to hire people, pay them and then allow them to work for your company. The company will make a decision based on its own selfish interests just like all business's do on a daily basis.

It's a friggin incentive to pull the trigger on the hire if you have been on the fence. WTF would anyome hire someone for a lousy $5K? No one is that stupid.

This is pretty much I heard Romer herself say in an interview. She said its aimed at companies that know they are going to hire this year and attempt to make them pull the trigger quicker.

Between the lines I think she meant in time for it to show up before the 2010 elections.

BigRedChief
01-30-2010, 11:06 AM
This is pretty much I heard Romer herself say in an interview. She said its aimed at companies that know they are going to hire this year and attempt to make them pull the trigger quicker.

Between the lines I think she meant in time for it to show up before the 2010 elections.From my no economic education and more common sense prespective, it makes sense.

I had an old SUV with $130K on it. No mechanical issues. Bur the $4,500 instanst rebate and $2,700 off my tax return later for the sales tax made me pull the triggrt before I wanted too. I still have to make those payments, I still owe the money on the rest of the car.

mlyonsd
01-30-2010, 11:15 AM
From my no economic education and more common sense prespective, it makes sense.


Huh. Tax breaks to promote job growth. Who'da thunk?

I guess your Republican dad's parenting wasn't totally wasted on you.:p

Silock
01-30-2010, 12:23 PM
Jesus fucking Christ.

Seriously?

This administration is beyond stupid.

KCTitus
01-30-2010, 02:31 PM
Obama promoting corporate welfare? Why is Obama using the failed policies of the past?

The Mad Crapper
02-05-2010, 07:51 AM
If They Really Wanted to Reduce Unemployment…
Posted by Van Helsing at February 4, 2010 1:25 PM

An NRO reader points out why Chairman Zero's tinkering with the deck chairs when he's not busy drilling holes in the hull will not reduce unemployment:

As the owner of a 16 year old wholesale computer parts company with about 50 total employees here and in England, I can tell you it's not about easy loans and tax credits for hiring.
As you say, it is risk aversion. It is the knowledge that my taxes are going to go up and also we just don't see other businesses willing to take inventory positions right now.
$5000 tax credit to hire someone? That really sounds like a proposal from someone who has never hired a single person in the private sector.
Small business will start to hire when one big thing happens.
Sales Growth. End of story.
It is amazing to me that they don't get that if they did one thing, cut the corporate tax rate, business growth would happen almost immediately.
Comrade Obama cut the corporate tax rate, even though it's the second highest in the world? That will happen right after Rachel Madcow is picked for Miss America. But on the positive side:

The good news is that, when it comes to reshaping the U.S. mortgage market [or any market], the Obama administration's top guns are bringing to bear all of the brisk, rough-'n'-ready entrepreneurial know-how they picked up in their previous careers as university professors, nonprofit activists, and holders of political sinecures.
In case you missed this yesterday:

http://www.moonbattery.com/obamacabinet.gif

Did any sane person think it would help the economy to put an inexperienced left-wing ideologue and his gang of clueless radicals in charge of it?


http://www.moonbattery.com/archives/2010/02/if-they-really.html

Chief Henry
02-05-2010, 09:09 AM
If an EE cost an ER $50,000 after ALL cost of insurance,unemployment, workers comp.
A $5,000 tax credit isn't worth much.

You can tell that Obama and his team have never run a business and made payroll.


The idea he is forwarding sounds good if you've been a community organizer.

BigRedChief
02-05-2010, 09:12 AM
If an EE cost an ER $50,000 after ALL cost of insurance,unemployment, workers comp.
A $5,000 tax credit isn't worth much.

You can tell that Obama and his team have never run a business and made payroll.


The idea he is forwarding sounds good if you've been a community organizer.from the opeing post:

I don't think an employer is going to hire a new employee for just the $5K. But just like the cash for clunkers it might be enough for those sitting on the fence about hiring new employees to pull the trigger.

vailpass
02-05-2010, 09:41 AM
from the opeing post:

I don't think an employer is going to hire a new employee for just the $5K. But just like the cash for clunkers it might be enough for those sitting on the fence about hiring new employees to pull the trigger.

$5k isn't squat towards a new hire.

BigRedChief
02-05-2010, 09:46 AM
$5k isn't squat towards a new hire.It's an incentive, not the government paying you to hire someone. My cash for clunkers money didn't pay for my $46K car either. But, it still got sold and without that cash for clunkers money its still sitting on the lot.

The Mad Crapper
02-05-2010, 09:48 AM
It's an incentive, not the government paying you to hire someone. My cash for clunkers money didn't pay for my $46K car either. But, it still got sold and without that cash for clunkers money its still sitting on the lot.

Still talking about cash for clunkers.

ROFL

petegz28
02-05-2010, 10:08 AM
This is a "feel good" ordeal. I think it is a very, very small step in the right direction but again, it just puts a band-aid on the wound instead of addressing the wound itself.

HonestChieffan
02-05-2010, 10:15 AM
Do the simple math:

New Hire at $10/hour 40 hour weeks 50 weeks...Cost: $20,000
Added cost of SS Sec and other costs of employment: $5000

Business margin, lets assume 40%... Roughly, I have to do an additional $60,000 in revenue to break even on my new guy. ( Im doing this math in my head so it may be a tick off)

So, Obama wants me to hire a guy to work for mein a time when I couldnt find 60 grand in new business if I tried so that I can get a tax break?

The absurdity of this is unmeasureable.

His staff says its a way to get people hired sooner in businesses who plan to hire anyway....well hello stupid, if the business' need the help they are going to do it anyway, not for a tax break.

vailpass
02-05-2010, 10:59 AM
It's an incentive, not the government paying you to hire someone. My cash for clunkers money didn't pay for my $46K car either. But, it still got sold and without that cash for clunkers money its still sitting on the lot.

A car and an employee are not comparable. That the current administration think they are is telling.

The Mad Crapper
02-05-2010, 11:01 AM
The absurdity of this is unmeasureable.



This and everything else B.O. says or does. The guy is an idiot. Straight up.

petegz28
02-05-2010, 11:06 AM
It's an incentive, not the government paying you to hire someone. My cash for clunkers money didn't pay for my $46K car either. But, it still got sold and without that cash for clunkers money its still sitting on the lot.

Now just the other day you were preaching, and flasely so, that tax cuts or tax breaks are "giving money" to people. Make up your mind.

Chief Henry
02-05-2010, 11:17 AM
$5k isn't squat towards a new hire.




THIS

Chief Henry
02-05-2010, 11:18 AM
Obama and his staff have NO F'N CLUE and it shows.

Inspector
02-05-2010, 11:55 AM
I would think a lot of the republicans would be quietly hoping to see more of the presidents decisions come to fruition.

In the long run these types of moves by Obama should help the conservatives achieve their goals for the future.

Obama and his methods may be the republicans best way to get their candidate in office with the next election.

Seems that way. To me anyway.

HonestChieffan
02-05-2010, 12:00 PM
I think most people would like to see legislation that is good. No one benefits from a failure like we are seeing. This is not good for America and will require a lot of political guts to fix whats possibly going to be done to the country by these people.