Why could the a payroll tax holiday not have been implemented at the beginning of 2009 when the bailouts had been approved? Obviously that was when it had been needed the most. Although one probably should be thankful that it may now be in the process of happening at last. The $20 billion however is much less than the 1.2 trillion that the Banks got. Priorities are obviously very different.
|Companies that hire unemployed workers get a temporary payroll tax holiday under a bill headed for likely Senate passage Wednesday.
A positive vote would send the legislation to the White House for President Barack Obama's signature.
It would be the first of several election-year jobs bills promised by Democrats to be enacted into law, though there's plenty of skepticism that the measure will do much to boost hiring.
The bill contains about $18 billion in tax breaks and a $20 billion infusion of cash into highway and transit programs. It would exempt businesses that hire the unemployed from paying the 6.2 percent Social Security payroll tax through December and give employers an additional $1,000 credit if new workers stay on the job a full year. Taxpayers would reimburse Social Security for the lost revenue.