Despite revenue shortfalls, both the state and federal officials are proposing business tax cuts to create jobs.
In Georgia, legislation sponsored by Rep. Tom Graves (R-Ranger) would give a $2,400 tax credit to any company that hires and employs for 24 months someone who has been out of work at least four weeks, AJC staffer Nancy Badertscher reports.
The legislation also calls for creation of a $10 million pool of money that would be doled out annually to so-called “angel investors” who are willing to help finance small and start-up businesses with 20 or fewer employees.
In Washington, meanwhile, President Obama is pushing a proposal that would give companies a $5,000 tax credit for each new worker they hire in 2010, Associated Press reports. Businesses that increase wages or hours for their existing workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay.
With double-digit unemployment, tax cuts to create jobs are understandable. But