The unemployment pressure does not appear to abate. Layoffs continue every day and despite massive government intervention for economic recovery, there is little evidence of anything more than a slow, prolonged recovery. It is time to give a payroll tax holiday for young firms.
Different forms of hiring incentives to fight the jobs crisis have been proposed in Congress without much success to date. For example, Sens. Orrin Hatch (R., Utah) and Charles E. Schumer (D., N.Y.) proposed suspending payroll tax payments for companies that hire workers who have been unemployed for 60 days. President Obama in turn vowed in the State of the Union address last week to make small-business hiring a key piece in the jobs agenda, proposing tax credits for small companies that hire new workers or raise wages. He said that government should create the conditions necessary for businesses to hire more workers and that “we should start where most new jobs do – in small businesses, companies that begin when an entrepreneur takes a chance on a dream, or a worker decides it's time she became her own boss.”
To read the full, original article click on this link: Policy Dialogue on Entrepreneurship | Young Firms (and our Nation) Need a Payroll Tax Holiday
Author: Jonathan Ortmans
