by InvestorPlace Staff | July 10, 2012 1:11 pm
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.
The study said that most jobs created would be in retail, health care, and social assistance.
For more information, check out this article on Politico.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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