Jul 10, 2012, 1:11 pm EDT
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
Jul 9, 2012, 12:56 pm EDT
In an effort to undermine GOP opposition to letting the Bush tax cuts lapse at the end of this year, President Obama today called for the tax cuts to be extended, but only for families with incomes under $250,000.
Republicans have steadfastly argued that, with the economy apparently moribund, raising taxes on any income group by letting the cuts expire is a bad idea, Reuters noted.
The White House’s latest move puts pressure on the GOP to defend its position against charges it is protecting the wealthy at the expense of the middle class. It also provides a new distraction from last week’s extremely disappointing jobs data for June, a topic the administration would like to avoid. Read
Jul 5, 2012, 12:45 pm EDT
We’ve stated months ago that Mitt Romney should consider a woman for the VP spot, and it looks like his wife might agree with us.
In a interview with CBS This Morning that aired Thursday, Ann Romney said she and Mitt have “been looking at” the possibility of choosing a woman to fill the VP spot. “And I’d love that option as well,” she continued.
Although Ann Romney has limited involvement in discussions regarding the presidential candidate’s No.2 pick, she told CBS that she’s given the matter a lot of thought. Read