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...officials said the Obama plan would cost $33 billion. The hiring rebate was one of a number of tax cuts the President proposed in his State of the Union address earlier in the week. In that speech, Obama predicted the tax credit would be tapped by more than "1 million small businesses who hire new workers or raise wages." (See the best business deals...
...credit. Nearly 12 months after Congress passed the $787 billion stimulus bill, and in the wake of a homebuyer tax credit and Cash for Clunkers, economists and others are paying more attention to the collateral cost of stimulus. The question with this proposal is how many of the million companies that Obama predicts would be awarded a job-creation tax credit would have hired workers anyway...
...automobiles that were bought through the Cash for Clunkers program were a result of the stimulus. The rest, 82%, went to people who would have gotten new wheels anyway. The $8,000 homebuyer tax credit did a little better. In that instance, economists estimate that 33% of the 1.4 million people who collected the credit bought a home because of the government assistance. (See the worst business deals...
...Bishop says, the plan makes sense. According to estimates from the Economic Policy Institute, which Bishop worked with to produce his own job-creation tax-credit program, a 15% tax break for new hires, which is more generous than what Obama is proposing, would lead companies to add 2.8 million more workers this year than they would have without the tax break. The EPI says that plan could cost as much as $37 billion, or about $26,000 per stimulated hire...
...time he announced that "we cut taxes for 8 million Americans paying for college," Obama was forced to go off script. "I thought I'd get some applause on that one," he said, looking over to the Republicans, who were sitting on their hands. There was some giggling, and some of them relented, offering the congressional version of a golf clap...