Congresswoman Tammy Baldwin today helped pass legislation to immediately create an estimated 300,000 new jobs without adding a dime to the federal deficit.
The Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847) approved today in the House by a vote of 217 to 201 will establish a payroll tax holiday for businesses that hire unemployed workers and provides an additional $1,000 income tax credit for every new employee retained for 52 weeks.
The bill also allows small business to double the amount of their immediate write-off for capital investment and purchases of new equipment made in 2010. Economists project the measures will result in the creation of more than 300,000 new jobs.
"Putting Wisconsinites back to work is my number one priority," said Baldwin who presided over today's floor debate and the final vote tally in the House of Representatives. "I am using every tool available to put Wisconsinites back to work now. Today's measure marks another step forward, but I won't be satisfied until all Americans who are seeking a job can find one," Baldwin said.
The HIRE Act is one in a comprehensive series of measures that Congress is taking to restore the American economy. In addition to the small business provisions, the HIRE Act will help state governments begin hiring for new jobs right away. Funding for highway maintenance and safety, public transportation, school construction, and renewable energy projects will allow states to hire in all these sectors.
The $15 billion bill is fully paid for by closing tax loopholes for big businesses.