As you may already be aware our leaders have graced us and our businesses with the Hire Act of 2010. This plan was created to help stimulate the economy by giving our business leaders an incentive to hire people, thus creating more jobs that the current administration can use to boost it's performance. This sounds like a good plan, right? Creating jobs , I mean that's what we keep hearing about, so how can more jobs created be a bad thing?
Here's the catch.
The IRS is giving the tax credit for all employees hired between February of 2010 and January of 2011 who where unemployed during the prior 60 days or who worked fewer that 40 hours for someone else during that time. There is no restriction on Temporary workers or age restrictions for the young or old who may only be working on a limited basis to supplement their lifestyle be it School or Retirement. So let's take the Hospitality Industry for example. Resorts and Destination locations need to hire more people during the summer months to help handle the extra flow. These are positions that would need to be filled regardless of the economic situation and whether or not a tax incentive was available.
Hotel Hires a 15 year old student who will work for 6 hours on Saturday and Sunday during their summer vacation.
Tax Credit, YES.
How about a the College Freshman who who gets a paid internship that has a pre-determined end date three months later.
Tax Credit, YES.
Your retired Grandmother gets bored sitting at home and decides to get a part-time job working 3 hour shifts ever few days so she can socialize and stay active.
Tax Credit, YES.
A Homemaker who does not work for pay nine to ten months out of the year returns to her seasonal job for the 6th season planting in a greenhouse.
Tax Credit, YES.
Barack Obama has just saved or created 8 jobs with just the 4 above mentioned positions. How does he get credit for 8 when only 4 people are actually working? Well it's simple really, the employers involved in the above businesses needed to hire for those positions anyway, and decided they will in fact hire the temp workers who not did not previously work permanently.
Confused? Come on, catch up?
Cheers,
Mike
Posts
Still only 4 jobs Mike...but nice try.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteWhy would you remove a perfectly logical, and legal, argument against your idea? Oh that's right. Your type believes in freedom of speech and protesting as long as they agree with you...come on....catch up. LOL
ReplyDeleteHere it is again:
ReplyDeleteUnder the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two (only two Mike) new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).
The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent (if applied to the 6 hour job at $9 hr: That's .06 per week tax savings WOW) share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.
In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000. Here is the REAL meat of the changes. NOT for temp hires like you wrongfully stated. Really Mike?
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