President Obama’s American Jobs Act: What Does It Mean for You?
President Obama is working to create more jobs for Americans.
By Kathryn Knight Randolph
April 16, 2012
If you’ve been tuning into the news for the past few months, you’ll notice that the unemployment rate has been steadily decreasing several tenths of a percentage point from month to month. According to the U.S. Bureau of Labor Statistics, that number had dropped to 8.3% in February.
Good news for the economy, and good news for job seekers across the country. But there is still much to be done in the way of finding jobs for the many still unemployed Americans out there, and that’s why, last week, President Obama signed the American Jobs Act.
The American Jobs Act is largely supported by both Democrats and Republicans in Congress, and it’s purpose is simple: to “put more people back to work and put more money in the pockets of working Americans – without adding a dime to the deficit,” according to the American Jobs Act website.
The American Jobs Act will do this in a variety of ways:
Small businesses will receive further tax cuts, including cutting the payroll tax in half for the first $5 million in wages and temporarily eliminating payroll taxes on wages for new workers or raises for existing workers.
They will also receive help through administrative, regulatory and legislative measures to access capital and grow.
Rebuilding and Modernizing America
No doubt this measure encompasses many things, including tax credits and career readiness efforts to support veterans’ hiring, preventing teacher, cop and firefighter layoffs, and modernizing over 35,000 schools.
Putting Workers Back in the Workforce
While reform of unemployment insurance is the overarching goal here, this measure also provides tax credits to employers for hiring long-term unemployed individuals, investing in low-income youth and adults and prohibiting employers from discriminating against those who have been unemployed.
To learn more about President Obama’s American Jobs Act and how it could impact you, click here.
What do you think of the President’s latest Jobs Act?