FOR IMMEDIATE RELEASE
January 12, 2010
KAGEN TAKES BOLD ACTIONS TO BOOST OUR ECONOMY
INTRODUCES NEW JOBS TAX CREDIT LEGISLATION
New Bill Would Create 4.7 Million Private Sector Jobs in 2010 – 2011
DEPERE, WI – Congressman Steve Kagen, M.D., is working hard to help small business owners on Main Street to create the jobs we need to rebuild our economy. Today, supported by the DePere Chamber of Commerce, Dr. Kagen introduced the “HIRING Act” to reward employers who expand their payrolls, which could create 2.7 million private sector jobs in the first year and nearly 2 million jobs in the second year according to the Economic Policy Institute.
Working with his colleagues in the House of Representatives, Dr. Kagen co-sponsored the new HIRING Act, which would provide temporary tax credits for businesses who expand their payrolls in the next two years.
“Privately owned businesses are the best creators of new higher-wage jobs,” Kagen declared. “I strongly believe in free enterprise where people are rewarded for working hard, playing by the rules, and living within their means – like we do here in Northeast Wisconsin,” said Kagen.
“Last month, I took bold actions necessary to bring an end to the looting of our Treasury when I introduced legislation to tax Wall Street speculators to fix Main Street, using tax revenues from Wall Street speculators to help pay off our national debt and generate the jobs we need. We rescued Wall Street and it is time for them to play fair and return the favor. Today, I am taking bold actions necessary to help business owners on Main Street succeed by decreasing their costs for labor,” Kagen said.
Nicole Salm, owner of Salm Plumbing, an Appleton contractor that employs eight, emphasized the benefits to small operations like hers.
“As a contractor, I know the value of hiring and retaining quality personnel,” she said “But as everyone is aware, given today’s climate of economic uncertainty, it has never been harder to do that. Initiatives such as Congressman Kagen’s are a step in the right direction. Anything that puts money in the pocket of the small businesses will without doubt help to get us back on the road to prosperity.”
The HIRING Act would provide a refundable tax credit to any business that expands their payroll faster than normal growth in 2010 and 2011. Basing the tax credit on the total payroll, businesses will be rewarded for hiring new employees, increasing their existing workers’ hours, or increasing their pay. Importantly, the HIRING Act would also provide tax credits quarterly, so a business would realize the tax benefit more immediately.