Word: costs
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Dates: during 2010-2019
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...increased employee hours. While the tax credit is open to companies of any size, the maximum tax benefit an individual firm can receive is $500,000. Obama believes limiting the credit means that more of the benefit will go to smaller businesses. Administration officials said the Obama plan would cost $33 billion. The hiring rebate was one of a number of tax cuts the President proposed in his State of the Union address earlier in the week. In that speech, Obama predicted the tax credit would be tapped by more than "1 million small businesses who hire new workers...
...issue, though, is how many companies would actually deserve the tax credit. Nearly 12 months after Congress passed the $787 billion stimulus bill, and in the wake of a homebuyer tax credit and Cash for Clunkers, economists and others are paying more attention to the collateral cost of stimulus. The question with this proposal is how many of the million companies that Obama predicts would be awarded a job-creation tax credit would have hired workers anyway...
...produce his own job-creation tax-credit program, a 15% tax break for new hires, which is more generous than what Obama is proposing, would lead companies to add 2.8 million more workers this year than they would have without the tax break. The EPI says that plan could cost as much as $37 billion, or about $26,000 per stimulated hire...
Bishop says this means a job-creation tax credit, judged in the context of billion-dollar stimulus plans, is pretty cheap for its results. He says other stimulus ideas can cost as much as $200,000 per job created. A recent study from the Congressional Budget Office found that a job-creation tax credit could be a more efficient way of stimulating the economy than either individual tax credits or infrastructure spending...
Still, the initial round of $8 billion - which Biden referred to as "seed money" during his remarks in Tampa - is just a tiny percentage of what it would cost to significantly overhaul the country's rail system. And there are concerns that by spreading the funds to so many different projects in so many different states, it won't be possible to make a real difference in any one place, as Mark Reutter wrote in a new report for the Progressive Policy Institute. It doesn't help that the one region that could most obviously benefit from truly high-speed...