The American Jobs Act

Helping Small Businesses Grow And Hire

“Everyone here knows that small businesses are where most new jobs begin. And you know that while corporate profits have come roaring back, smaller companies haven’t. So for everyone who speaks so passionately about making life easier for “job creators,” this plan is for you.”

– President Barack Obama, 9/8/11

Helping small businesses grow and hire is at the core of the American Jobs Act that the President announced. Entrepreneurs and small business owners – America’s biggest job creators – are looking to Congress to enact these powerful, bipartisan, specific, paid-for proposals as quickly as possible.

The American Jobs Act will help small businesses continue doing what they do best: create good jobs, drive competitiveness and innovation, and strengthen economic security for the middle class. The time to act is now. American Jobs Act provisions to help entrepreneurs and small business owners include:

Cutting in half the payroll taxes (to 3.1%) for small businesses for the first $5 million in wages, targeting the benefit to the 98% of firms that have payroll below this level

Temporarily eliminating employer payroll taxes for small businesses that create jobs or give raises for existing workers above the prior year

Extending an immediate 100% expensing write-off into 2012 to encourage even more businesses to invest in more machinery and equipment

Large tax credits (up to $4,000) for businesses that hire workers who’ve been unemployed for 6 months, with bigger credits for hiring unemployed veterans (Returning Heroes Tax Credit up to $5,600) and service-disabled veterans (Wounded Warriors Tax Credit up to $9,600)

Powerful investments in schools, roads, rail, and airports while helping small business contractors compete for infrastructure contracts and get surety bonds up to $5 million

Making it easier for States to allow unemployed workers to create their own jobs by starting their own businesses. In addition, the Administration is moving forward with ideas that don’t need Congressional action, including:

Paying small contractors more quickly for the innovative products and services they provide to the federal government

Cutting the red tape that prevents fast-growing startups from getting the capital they need through new financing approaches like crowd funding

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