Will Obama’s job bill work?
About a fortnight ago, we discussed how President Sarkozy is attempting to increase revenue and hack down France’s deficit through a variety of tax schemes. At yesterday’s Labor Day Rally, President Obama gave a preview of his job and tax plans to revive a stalling economy and boost employment in the country. Measures slated include making it easier for SMEs to hire, extending and expanding payroll tax cuts (which are due to expire in January 2012), temporary tax cuts for individuals and businesses, employer tax credits for every new hire, extending unemployment benefits and introducing increased taxes on the wealthiest Americans. Full details will only be announced on Thursday.
As some of these measures vaguely mirror Singapore’s successful reduced tax strategy on individuals and businesses during the 1998 Asian financial crisis, high hopes are pinned on President Obama to kick start the US economy and provide jobs for almost 14 million unemployed Americans. As of last month, the unemployment rate stands at a staggering 9.1% and no new jobs have been created in the US, a record unseen since 1945.
To read the full article, please visit: http://www.guidemesingapore.com/blog-post/singapore-business/will-obamas-job-bill-work
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Comments (2)
Cedric Houston7
Affiliate Marketing
My opinion the Success or Failure of the plan depends entirely on the cooperation of both Democrats and Republicans. Until they decide to stop bickering and stop the infighting nothing will get accomplished.
Dave Saunders10
Internet Marketer
Obama has a tough job, we need to wait for the full document to see what he proposes.