Senate Sends Jobs Bill To Obama’s Desk

Washington, DC, United States (AHN) – The U.S. Senate passed a $17.6 billion jobs bill on Wednesday that will provide tax breaks to employers who hire unemployed workers.

The measure was approved by a 68-29 bipartisan vote, sending the bill to Obama’s desk to be signed into law. In a time when democrat led legislation has seen little support from the Republican Party; the jobs bill received eleven votes from republicans.

The centerpiece of the bill is a tax exemption on the 6.2 percent Social Security payroll contribution employers must be on their employees. The tax will be excused the rest of the year on any employee hired that has been out of work at least 60 days.

Additionally, a $1,000 income tax credit would be allowed for every eligible employee that stays on a employer’s payroll for 52 weeks.

The bill is aimed at stimulating hiring by American businesses, with the tax break as the catalyst. It marks the first jobs bill of many that that Democrats have promised.

Currently, a $140 billion piece of legislation, passed by the Senate last week, is being considered by the House of Representatives. That bill includes several industry specific tax breaks, along with extensions to unemployment and COBRA insurance.

The Obama administration is pushing the envelope on legislation aimed at job creation as the unemployment rate sits at 9.7 percent, just off the 10 percent high set in December.

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