Obama tax credit for new jobs dead before inauguration
CBS Marketwatch reports that one of Obama’s main pro-business initiatives has died, before he even takes office. The plan was to give employers a $3,000 tax credit for new jobs created (or jobs saved, however that would be determined). During early negotiations on the stimulus package, that tax credit was among the first victims of compromise.
Marketwatch says: Reports said that the president-elect isn’t insisting that a business-tax credit of $3,000 per job be part of the overall package.
Another CBS report says that Democrats in Congress feel that there are too many tax cuts in Obama’s plan.
Fox news reports that the jobs tax credit has been dropped, as well. They quote Democrat sources as saying that the IRS has told them that it would be impossible to determine which jobs have been “saved” or “created” by Government intervention. Which, of course, was an objection by many people in the first place. The Heritage Foundation has a little more analysis of Obama’s jobs plan.
The same points could be made about any government plan. If Congress X passes Bill Y and unemployment goes down, was it because of their plan? If they pass Bill Z and unemployment goes up, are they to blame?