In advance of a procedural vote today, Senate Democrats have released a study showing that their small-business tax break legislation would create nearly 1 million jobs.
According to a study commissioned by those Democrats from policy analysis firm Regional Economic Models, Inc., the Small Business Jobs and Tax Relief Act would create 990,592 jobs and increase U.S. GDP by $87 billion.
The bill is comprised of two main parts. One would give a 10% tax break this year to businesses on payroll for new workers or increases in wages for current workers. This credit would be capped at $500,000. The second component would allow companies to write off the whole cost of major purchases made this year, to encourage further investment. Read