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12 September 2011


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The American Jobs Act of 2011

Today the President sent his Economic Recovery Plan to the Congress.  It is known as the American Jobs Act of 2011.  On Thursday September 8, President Obama presented the American Jobs Act in an address to Congress.  In his speech the President highlighted the following as key elements of his Jobs Act.

1.  All small business owners will also see their payroll taxes cut in half next year.

2.  All businesses will be able to continue writing off the investments they make in 2012.

3.  The American Jobs Act will repair and modernize at least 35,000 schools.

4.  Companies will get a $4,000 tax credit if they hire anyone who has spent more than six months looking for a job.

5.  People who collect unemployment insurance will be allowed to participate in temporary work as a way to build their skills while they look for a permanent job.

6.  Extends unemployment insurance for another year.

7.  Fifteen hundred dollar tax cut for families next year

8.  Make modest adjustments to health care programs like Medicare and Medicaid

9.  Tax increases for the wealthiest Americans and biggest corporations. 

10. Reform the tax code to eliminate loopholes and deductions.

11.  Speed up the Patent process. 

12. Ensure that small business owners who have a contract with the federal government get paid a lot faster than they do now.

13. Cut away the red tape that prevents too many rapidly growing start-up companies from raising capital and going public.

14. Work with federal housing agencies (FHA) to help more people refinance their mortgages at interest rates that are now near 4 percent.  This will put more than $2,000 a year in a family's pocket.

15. Push for free trade agreements that would make it easier for American companies to sell their products in Panama, Colombia, and South Korea.

16. Identified over 500 business regulation reforms which will save billions of dollars over the next few years.

Many of the proposals outlined in the Presidentís speech would benefit small businesses while some will not.  It remains to be seen what gets through the congress and implemented.  Some ideas are already being taken up in the congress.   The Patent Reform Act was introduced by Republican Congressman Lamar Smith (TX) and has passed both houses of congress and is awaiting the Presidentís signature.  Republican Congressman Schweikert (AZ) introduced legislation to make it less expensive for small companies to go public (see related article).  The Free Trade agreement with Columbia, Panama and South Korea has been under consideration in congress for over 10 years and lacks Democratic support to get passed.

The text of the Presidentís speech listed in the Chicago Tribune 

By Owen Daniels









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