Would give big tax, paperwork breaks
LAKELAND --
New York Senator Charles Schumer (D-NY) is proposing a 'Hire Now Tax Cut' aimed at making a dent in the 9% unemployment rate.
At Corso's Cookies in Lakeland on Monday afternoon, Schumer said the proposed law would let employers hire someone unemployed for at least 60 days, or working part-time at significantly less pay, and in exchange, the business would avoid paying the employer's share of social security taxes for the year. Schumer says that besides encouraging hiring, the money benefits are immediate to the employer, and there is no paperwork, another huge incentive.
Schumer is co-sponsoring the legislation with Orrin Hatch (R-Utah) and also hopes the bipartisan support will 'be the glue' for other bipartisan efforts to push the economy, including a $30 billion lending fund for small business--the money to come from the repaid 'TARP' funds from banks, and a renewal of the investment tax credit.
Schumer says his 'Hire Now Tax Cut' bill will be introduced this week and he hopes to see it law by next month. 
