Baucus Introduces the Job Creation and Tax Cut Act

Sen. Max Baucus, D-Mont. , walks to the Senate floor on Capitol Hill in Washington Thursday, Aug. 5, 2010, to vote on the nomination of Elena Kagan to the Supreme Court.

Senate Finance Committee Chairman Max Baucus (D-MT) “today introduced fully paid-for legislation to create jobs and extend critical tax cuts for individuals, families and employers, while closing tax loopholes for wealthy investment fund managers and large corporations,” according to a press release.

The bill would cut taxes for families paying college tuition, state and local taxes, and property taxes.  It would cut taxes for employers to spur research and development and investment, freeing up cash to expand and hire new workers.  And the legislation would bolster career training programs and provide wage assistance to help employers hire workers to help our economy grow.

It includes “provisions from the American Jobs and Closing Tax Loopholes Act (also known as the tax extenders bill).”

The bill would:

  • Provide tax relief to businesses and state and local governments to help them invest and create jobs;
  • Provide important tax cuts to put money back in the pockets of working families;
  • Provide wage assistance to help employers hire workers;
  • Extend career training programs for Americans who are looking for work;
  • Ensure continued access to services for seniors, military service members and Americans with disabilities who rely on Medicare; and
  • Close tax loopholes for wealthy investment fund managers and large corporations.

Update (9/23): Democrats tried to unanimously pass this bill today but Republicans objected. Republicans tried to modify the bill with some provisions of their own but Democrats objected to that request as well.

    (credit image – daylife/associated press)

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