The plan includes:
Tax cuts to help America’s small businesses hire and grow:
- extending the payroll tax cut, which cuts firms’ payroll taxes in half for the first $5 million and decreases next year’s taxes to 3.1%,
- offering a complete refund of payroll taxes paid by the added expense of additional employees or increased wages to current employees, capped at $50 million in new wages,
- allowing firms to deduct the full value of new investments from their tax obligations through 2012.
- Wounded Warriors Tax Credit: offering firms up to $9,600 for hiring veterans with service-connected disabilities who have been unemployed six months or longer,
- Returning Heroes Tax Credit: offering $5,600 for veterans who remain unemployed six months or longer,
- investing $35 billion to prevent teacher, police, first responders and firefighter layoffs and $30 billion for modernizing public schools,
- investing $50 billion into infrastructure and $10 billion into the National Infrastructure Bank.
- extending unemployment insurance for an additional year, costing $49 billion,
- offering a $4,000 tax credit to firms for each new hire who had been unemployed for more than six months and,
- investing $5 billion in low-income youth and adult programs.
The plan would reduce the deficit by making additional spending cuts, by making modest adjustments to health care programs like Medicare and Medicaid, and by reforming our tax code in a way that asks the wealthiest Americans and biggest corporations to pay a higher tax rate.
See the full plan