"I Prefer Yes We Will Over Yes
we Can;
It's Far More
Definitive"
Jerome E.
Horton , Member Board of Equalization
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California Must Be Prepared to Receive It
Share of the $35 Billion Job Proposal.
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Greetings!
Under the proposed law,
companies that hire the unemployed would
claim new tax breaks under a jobs-promoting
bill the Senate passed Wednesday.
It's the first major bill to
pass the Senate since the Christmas Eve
passage of a deeply controversial health
care bill and the subsequent election of
Massachusetts Republican Scott Brown, which
rocked Democrats by demonstrating their
falling standing even among heavily
Democratic voters.
The bill contain two major
provisions. First, it would exempt
businesses hiring the unemployed from the
6.2 percent Social Security payroll tax
through December and give them an additional
$1,000 credit if new workers stay on the job
a full year. The Social Security trust funds
would be reimbursed for the lost revenue.
Second, it would extend highway and mass
transit programs through the end of the year
and pump $20 billion into them in time for
the spring construction season. The money
would make up for lower-than-expected
gasoline tax revenues.
The Senate's $35 billion proposal is a
far smaller measure than the $862 billion
economic stimulus bill enacted a year ago.
The measure cleared a key hurdle Monday
when Brown and four other Republicans broke
party ranks to defeat a filibuster.
Republican leaders said Majority Leader
Harry Reid, D-Nev., had used strong-arm
tactics to bring the measure to the floor.
In all, 13 Republicans voted
for the measure Wednesday. Sen. Ben Nelson
of Nebraska was the only Democrat in
opposition.
Jerome E. Hoton, Vice Chair
California Board of Equalization
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