Word: taxing
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With 20 or so mostly middle-aged attendees looking on, the candidates each stood at the podium to deliver a remarkably unified message: The U.S. government, they said, was an immoral enterprise - engaged in imperial wars, propping up corrupt bankers and supersized corporations, crushing small businessmen, plundering the tax-base for corporate welfare, snooping on the private lives of citizens - and they wanted no more part of it. "The gods of the empire," Steele told the room, "are not the gods of Vermont...
Even those who support the tax credit say that, as with those earlier programs, the percentage of companies collecting the tax break who are hiring because of the job stimulus will be very low. John Bishop, who teaches about human resources at Cornell University and has proposed a job-creation tax-credit plan, says about 80% of any tax credit for new hires would go to companies that would have added workers anyway...
Even so, Bishop says, the plan makes sense. According to estimates from the Economic Policy Institute, which Bishop worked with to 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...
...stimulus spent in the past year, this has a distinct advantage of being targeted to exactly what we want to do," says Vincent Reinhart, a senior fellow at the conservative American Enterprise Institute who has opposed many of the stimulus programs of the past year. "A job-creation tax credit is relatively efficient and can be spent quicker. You don't have to plan a bridge in order to get the stimulus dollars out there...