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Obama Announces New Business Tax Cuts,
by Mike Godfrey, Tax-News.com, Washington
Monday, February 01, 2010
In his State of the Union Address, US President Barack Obama outlined plans
for new tax incentives designed to encourage businesses to hire new employees
and invest in new equipment.
According to Obama, one of these proposals, the "Small Business Jobs and Wages
Tax Cut," will put more Americans back to work by giving businesses – particularly small business – a tax cut for new hiring. The new proposal
will also provide tax incentives for businesses to expand wages for their employees.
Under the proposal, businesses will receive a USD5,000 tax credit for every net
new employee that they employ in 2010. The total amount of the credit for any
one firm will be capped at USD500,000, to ensure that the majority of the benefit
is targeted at small businesses. Start–ups will be eligible for half
of the tax credit.
In addition, small businesses that increase wages or hours for their existing
employees will be reimbursed for the Social Security payroll taxes they pay
on real increases in their payrolls. This bonus would be based on Social Security
payrolls, so it would not apply to wage increases above the current taxable
maximum of USD106,800.
Obama said that firms will be able to claim the credit on a quarterly basis.
The President also repeated an earlier pledge to eliminate all capital gains
taxes on small business investment. Furthermore, he spoke of a new tax incentive for
businesses of all sizes which invest in new plants and equipment.
.
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