U.S. Representative Daniel Webster (FL08) issued the following statement upon introduction of the One New Employee Act (ONE) Act, which encourages small business hiring to cut America's unemployment rate in half:
"As a third generation small businessman, I share the concerns I've heard from job-creators across Central Florida who face an economic environment that hinders hiring and growth. After facing several years of continuous bureaucratic hurdles, ranging from federal health care mandates to costly regulations, to tax increases, the concerns of small business owners rightfully focus on the uncertainty of not knowing what is coming their way next from Washington.
"In order to turn this economy around, it's time that lawmakers work together to boost, rather than burden, the backbone of our economy.
"The ONE Act, an idea generated directly from my discussions in Central Florida, will provide small business owners the tools and incentives necessary to revitalize our stagnant economy and jumpstart overdue job creation. The math is simple. According to the U.S. Bureau of Labor Statistics, with nearly 6 million small businesses across the nation, if each hired only one new employee, our nation's unemployment rate would drop to five percent.
"The ONE Act is also simple, and it's paid for. We provide job creators with responsible tax relief as they hire one new employee, and remove roadblocks to small business growth while putting unemployed Americans back to work.
"The most appropriate place to start rebuilding a broken economy is at its core; the most appropriate time to start is now," said U.S. Representative Daniel Webster.
Specifically, the One New Employee (One) Act:
Provides a tax credit of $5,000 per year for up to 5 years for a small business that invests in a new employee;
Ensures the new employee must be hired on a full time basis and must move completely off of unemployment benefits
Pays for the credit by using the new tax revenues generated from income of the new hire as well as the savings from the new hire being removed from unemployment benefits.