SENATOR SCHUMER: NEW BIPARTISAN PROPOSAL COULD EMPLOY THOUSANDS OF NOW UNEMPLOYED CAPITAL REGION WORKERS

Recently, Senator Charles E. Schumer met with local businesses and unemployed workers to discuss his new bipartisan “Hire Now Tax Cut” proposal to provide businesses that hire unemployed workers with a tax cut. Schumer has joined with Orrin Hatch (R-Utah) to offer a tax cut to businesses that hire a worker that had been without work for at least 60 days prior to employment. The businesses will avoid paying the employer’s share of Social Security taxes on that worker for the duration of 2010. The more a business pays a worker (up to the maximum Social Security wage of $106,800), and the longer a business has a worker on its payroll, the greater the tax benefit – so there is an incentive to hire people sooner, and pay them more. The benefits go immediately into a business’ cash flow – no waiting until 2011 to receive a tax credit.

“Congress must focus like a laser on job creation, and that’s what this proposal does,” said Schumer. “The plan is targeted, cost efficient for the taxpayer and highly effective for workers seeking employment. This bipartisan proposal will put people back to work right away and help create the only thing that will finally bring us out of this recession: Job growth.”

For more information, click here.