More imaginary “saved or created” jobs.
Companies that hire unemployed workers will get a temporary payroll tax holiday under a bill that easily won final congressional approval Wednesday.
The bipartisan 68-29 vote in the Senate sends the legislation to the White House, where …Obama has promised to sign it into law.
It will be the first of several election-year jobs bills promised by Democrats to be enacted into law, though there’s plenty of skepticism that the measure will do much to actually create jobs. Optimistic estimates predict the tax break could generate perhaps 250,000 jobs through the end of the year, but that would be just a tiny fraction of the 8.4 million jobs lost since the start of the recession.
……The measure is modest compared with last year’s $862 billion economic stimulus bill, and the bulk of the hiring tax breaks would probably go to companies that were likely to hire new workers anyway.
“Most businesses that are going to be able to take the credit were probably going to hire the worker anyway,” said Bill Rys of the National Federation of Independent Business, which lobbies for small business. “Until business picks up for small business owners, there’s not going to be a huge incentive to add new workers.”
Much of the bill is financed over the coming decade by cracking down on offshore tax havens, though it would add $13 billion to the debt in the coming three years.
The idiots are trying to hold this up as a “gee, look what we’ve done” accomplishment, when all it’s going to do is put a bandaid on a gaping wound.
Permanent tax breaks are more of an incentive than the tactic of “temporary payroll tax holiday”.
Their skulls are simply too damned thick for common sense to penetrate.