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Form Wealth Management

Let's hear it for tax break

June 30, 2010 | 07:26 AM
While we are seeing some signs that the economy may be beginning to recover, too many Wisconsinites are still struggling to find a job. So I was very pleased when Congress, as part of the HIRE Act, passed a payroll tax break similar to the one I have been pushing to help businesses hire workers. This was a worthy first step, but a more robust jobs tax credit would help even more. That's why I am pushing to extend the tax break through 2011, and to expand it to help businesses even more.

I have introduced a bill to create a temporary jobs tax credit over the next two years for businesses that hire new employees, expand work hours for their current workforce, or simply raise worker pay.

Since the HIRE Act went into effect, I've met with numerous Wisconsin business leaders, including CEOs of manufacturing and engineering firms. In these meetings, I asked them what they thought of an expanded and extended jobs tax credit to go through 2011. Their responses have been very positive. These CEOs have told me how the tax credit would be especially helpful in 2011 when more businesses may be in a better position to expand their payroll as the economy strengthens.

I have also made my case directly to President Obama, urging him to support a more aggressive jobs tax credit along the lines of the legislation I introduced in January. While a jobs tax credit won't solve all the problems businesses face, as one CEO I met with said, the jobs tax credit would be an important arrow in the quiver for businesses. I will continue working to extend and expand the jobs tax break to help businesses hire and bring down unemployment.

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