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Approved Story
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1. TAX CUTS TO HELP AMERICAS SMALL BUSINESSES HIRE AND GROW
¢ Cutting the payroll tax cut in half for 98 percent of businesses: The Presidents plan will cut in half
the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98
percent of firms that have payroll below this threshold.
¢ A complete payroll tax holiday for added workers or increased wages: The Presidents plan will
completely eliminate payroll taxes for firms that increase their payroll by adding new workers or
increasing the wages of their current worker (the benefit is capped at the first $50 million in
payroll increases).
¢ Extending 100% expensing into 2012: This continues an effective incentive for new investment.
¢ Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.
2. PUTTING WORKERS BACK ON THE JOB WHILE REBUILDING AND MODERNIZING AMERICA
¢ A “Returning Heroes hiring tax credit for veterans: This provides tax credits from $5,600 to