President Obama’s American Jobs Act, revealed last night before a joint session of Congress, includes many features of interest to small businesses and government contractors.
Highlights of the President’s plan includes a reduction (and in some cases, the elimination) of payroll taxes, investment stimulation to help businesses grow, acceleration of government payments to small business contractors and increased contracting opportunities through the modernization of schools, roads, transit, aviation and other infrastructure projects.
Critics of the proposal decry further government deficit spending and state the policies suggested are simply reruns of previous “ineffective” stimulus policies. Supporters believe the plan targets the primary obstacles to economic growth and will help put unemployed Americans back to work quickly.
House Speaker John Boehner has stated that the President’s proposals “merit consideration”, but many expect resistance by Republican and Conservative lawmakers to passing the act as a whole.
The White House has released a Fact Sheet for the American Jobs Act on their website.
Did you watch the President’s speech last night? What do you think of his jobs plan? Sound off in the comments!