Obama for America touts impact of American Jobs Act on Iowa
President Obama’s American Jobs Act would mean tax cuts for businesses, an extension of the payroll tax cut, extended unemployment insurance and thousands of jobs in Iowa, according to Obama for America. Here’s the American Jobs Act’ s impact on Iowa: * 60,000 businesses would see a payroll tax cut on the first $5 million in wages.
Jul 31, 2020117.3K Shares2.4M Views
President Obama’s American Jobs Act would mean tax cuts for businesses, an extension of the payroll tax cut, extended unemployment insurance and thousands of jobs in Iowa, according to Obama for America.
- 60,000 businesses would see a payroll tax cut on the first $5 million in wages.
- A $1,580 tax break for a typical Iowa household making $51,000 a year.
- $385.9 million in infrastructure investments, supporting about 5,000 jobs.
- $287.2 million to support up to 4,100 educator and first responder jobs.
- $132.6 million for school improvements, supporting about 1,700 jobs.
- $56.7 million for community colleges.
- $20 million to refurbish local communities.
- Additional help for 34,000 long-term unemployed Iowa workers through extended benefits and training programs.
The U.S. House on Thursday approved a small part of Obama’s jobs plan, an IRS code that withholds 3 percent on certain payments made to vendors by government entities. That was approved, 405 to 16, with all of Iowa’s Congressional delegation supporting it.
But Republicans representing the state in Washington have not embraced the American Jobs Act as a whole. A spokesman for U.S. Rep. Tom Latham(R-Ames) said earlier this week that reining in federal spending and eliminating regulations are key to recovery.
“Much like the president’s failed ‘stimulus’ bill in 2009, the American Jobs Act as a whole will not provide the certainty that the American people and businesses need to begin investing in America again,” said Fred Love.
And U.S. Rep. Steve King(R-Kiron) said after Obama unveiled his plan in September that paying down the nation’s debt and balancing the budget should be the priorities.
“The best thing he could have done would be call for a balanced budget amendment, instead he called for a lot more spending and he called for us to figure out how to pay for it,” King said. “And he told us this is all paid for; well it is if we figure out how to do that here in Congress.”
Paula M. Graham
Reviewer
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