Friday, July 2, 2010

Jobs Bill 2010 and Unemployment Extension: They Aren't the Same Thing

The Jobs Bill 2010 and unemployment extension bill are two very different things.  President Obama wanted the Jobs Bill passed before the Fourth of July holiday, but neither measure passed.  However, many people are under the wrong impression that the Jobs Bill has to do with extending unemployment.

Obama's Jobs Bill is in place to try to get funding into the hands of entrepreneurs and small businesses. This would get funding from banks to small businesses so that they can grow businesses and hire workers. 

ON the other hand, the unemployment extension would re-establish the additional 73 weeks of benefits to unemployed workers who cannot find jobs.

The Jobs Bill does a lot to help small businesses save money.  For instance, the Section 179 assets expensing from $250,000 to $500,000 temporarily. It also allows small business owners to deduct all of their family's medical expenses from their self employment income.

Other tax benefits include restoring bonus depreciation, and help businesses save money when they convert from a C to S corporation.  There are also many, many more tax benefits that are meant to help small businesses, as well as several lending initiatives.

The bill is fully funded, and won't add to deficit spending - at least not in the current day and age.  The bill is funded in part because of the way that it will give people incentives to invest for retirement in ROTH IRA's. This means that people pay tax on their retirement investments now, instead of when they draw the money out for retirement. 

For those that think that the Jobs bill is tied to the unemployment extension, please don't be confused.  However, the Jobs Bill could help some of the long term unemployed find jobs if small businesses begin hiring.

1 comment:

  1. Dear Criminals(SENATORS)

    Please leave office and return this country to the people. It is an outrage that you have been allowed to continue to destroy this great country by enabling a group of rich investors "Federal Reserve Bank" to even exist.
    Americans should NOT pay back the deficit created from thin air by a system that was illegal to begin with.
    It is the intention of this elite(federal reserve bank) to create a debt so high our dollar fails and our country falls.
    GOOGLE THIS..."Who Owns The Federal Reserve Bank"
    Please wake up before we end up a nation of slaves!


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