In an economic address today, President Obama called for a new tax cut for small businesses to encourage hiring in 2010. Last week, US Senator Kirsten Gillibrand spearheaded a letter to the President asking him to propose a tax credit for businesses that create new jobs. Senator Gillibrand is currently working on crafting legislation that would establish a new job creation tax credit to incentivize hiring as early as January 1, 2010. Senator Gillibrand released the following statement commending President Obama on his address today:
"America is facing a long term unemployment crisis and I applaud President Obama for endorsing new proposals that will create jobs immediately and help families who are struggling. Right now, there are more than 5.4 million people who have been looking for work for six months or more - the highest in at least 60 years.
"I am especially pleased the President announced his support for a tax cut similar to legislation I am developing with several of my Senate colleagues for a new job creation tax credit. This proposal would provide real incentives to small businesses to grow and hire new staff immediately. Giving the private sector an incentive to create jobs is the right way to strengthen the economy, and one of the most efficient ways to address the unemployment crisis that is affecting millions of Americans."