Top Ten Reasons Republicans Should Support the American Jobs Act

For Immediate Release:

September 9, 2011

Contact:

Katie GrantDaniel Reilly, 202-225-3130

10. Based on bipartisan ideas, including many proposals Republicans have supported in the past.

  • Republicans have historically supported tax credits for small businesses and families, infrastructure investments, and reforming the unemployment system with training programs that help workers gain the skills they need

9. Helps unemployed Americans support their families and reforms the unemployment system:

  • Prevents 6 million people looking for jobs from losing unemployment assistance
  • Reforms the unemployment system with training programs that will help workers gain the skills they need to find good jobs, will help the long-term unemployed
  • Expands work-sharing to encourage arrangements using unemployment insurance to help keep employees on the job
  • Provides funds to states for new programs aimed at long-term unemployed workers
  • Provides tax credits of up to $4,000 to businesses for hiring workers who have been looking for a job over six months
  • Invests in job training for low-income youth and adults

8. Makes investments to modernize and rebuild our schools and infrastructure, which will create jobs and ensure we have the infrastructure to out-educate, out-build and out-innovate our competitors, strengthen American manufacturing and ensure the middle class can Make It In America:

  • Invests $25 billion in school infrastructure that will modernize at least 35,000 schools, which includes priority for rural schools and dedicated funding to Bureau of Indian Education funded schools
  • Invests $5 billion in modernizing community colleges
  • Invests $50 billion in highways, transit, rail and aviation – an investment that is supported by both the Chamber of Commerce and AFL-CIO
  • Establishes a National Infrastructure Bank to leverage private and public sector capital to expand and invest in infrastructure
  • Invests $15 billion in a national effort to rehabilitate and refurbish hundreds of thousands of vacant and foreclosed homes and businesses
  • Expands access to high-speed wireless in rural communities throughout the country

7. Creates job opportunities for our veterans:

  • Provides tax credits of up to $5,600 for hiring unemployed veterans who have been looking for a job for more than six months and tax credits up to $9,600 for hiring unemployed workers with service-connected disabilities who have been looking for a job for more than six months
  • Creates a new task force to maximize career readiness of service members

6. Keeps teachers, cops, firefighters on the job:

  • Invests $30 billion to help states prevent layoffs of up to 280,000 teachers, while supporting hiring of tens of thousands more
  • Invests $5 billion to help states keep cops and firefighters on the job

5. Provides tax cuts for small businesses to grow, hire and invest:

  • Cuts the payroll tax in half for their first $5 million in wages
  • Temporarily eliminates employee payroll taxes on wages for new workers or raises for existing workers
  • Extends 100% expensing so businesses can take immediate deduction on investments in new plants and equipment
  • Accelerates government payments to small contractors, putting money in their hands faster, and making access to government services easier
  • Reviews regulations from the perspective of small companies to reduce regulatory burden on small business

4. Puts more money back in the pockets of America’s workers and families:

  • Cuts payroll taxes in half for 160 million workers next year, providing a tax cut of $1,500 to a typical family earning $50,000 a year

3. Strengthens America’s competitiveness and ensures more middle class families can Make It In America:

  • Makes priority investments in education, innovation, and infrastructure
  • Creates an encouraging environment for businesses to grow, innovate and make products in the U.S.

2. Is fully paid for as part of a long-term deficit reduction plan:

  • Calls on the Joint Committee on Deficit Reduction to find additional deficit reduction to pay for the Act
  • The President will also put forward a balanced plan to pay for the legislation and reduce the deficit

1. Will have an immediate impact on job creation and economic growth:

  • Economists and business leaders agree that the legislation would help put Americans back to work and boost our economic recovery
    • Macroeconomic Advisers: “…estimate the combination of tax incentives and infrastructure spending would create at least 1.3 million jobs in 2012, boosting that year's economic growth by 1.3 percentage points. For 2013, they forecast the creation of an added 800,000 jobs, bringing the total to 2.1 million. All else equal, that's enough to shave more than a percentage point off the U.S. unemployment rate, which now stands at 9.1 percent.”
    • Small Business Majority: “President Obama’s speech today on the American Jobs Act underscores the fact that all roads to a brighter economic future start with small business. We applaud the president for highlighting the need to cut taxes for small businesses and offsetting those cuts by closing corporate tax loopholes…We cannot emphasize enough the need for Congress to act quickly to secure small businesses in their traditional role as job creators, and as a result, get our economy back on the right track.”
    • Russell Goldsmith, chief executive of City National Bank in Los Angeles: “I'm particularly enthused about the president's focus on infrastructure and rebuilding America. I was very pleased to see the president very energetically focus on the growth of jobs and the economy. I see it as a shot in the arm to jump-start the U.S. economy.”
    • Jeff Immelt, Chairman and CEO of GE: “President Obama made clear tonight that it is critical that all of us work together to create jobs in America. The 26 members of the President's Council on Jobs and Competitiveness are pleased that the President embraced several Council recommendations, including programs cutting red tape, improving our nation's infrastructure, helping U.S. universities graduate more engineers and skills training programs for advanced manufacturing and healthcare… President Obama and congressional leaders are correctly focusing national attention on job creation. We need a sense of urgency and more collaboration around getting more Americans back to work and maintaining America's competitive leadership.”
    • Andrew Liveris, CEO of Dow Chemical Company: “I applaud President Obama for giving the economy and jobs the attention it so clearly demands, and more specifically I am pleased he is highlighting the importance of trade and infrastructure… These actions can stimulate jobs in the near term and are critical to the nation’s long-term competitiveness. The President’s proposals deserve a rich debate, and we urge Congress to rapidly consider and adopt those aspects that will have the most immediate impact to boost the economy and grow American jobs.”

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