(2010-03-05) — Just a day after the U.S. House approved a measure that would spur job creation by offering tax breaks to employers who hire, the chamber takes up debate today on a measure that would offer tax credits to businesses that “make a profit, through some mechanism of creating revenue that outstrips expenses.”
“In an economy like this one,” said House Speaker Nancy Pelosi, D-CA, “Americans expect Congress to act quickly to overcome the natural inclination of fat-cat corporate leaders to maintain the status quo, to allow sales to drop, to linger in deficit spending, and to refuse to help our country by thriving in business.”
“If we can spur your firm to hire with tax rewards,” said Rep. Pelosi, “we can certainly get it to boost the bottom line with tax credits, but only for those firms willing to help our economy by making a profit.”
The Democrat-sponsored measure under consideration would offer incremental tax credits to business which generated so-called “profits”, with the credits increasing in parallel with profit margins. For example, a business earning a two percent profit would receive a matching two percent tax credit — a four percent profit would qualify the firm for a four percent credit.
“Businesses small and large that have stubbornly hunkered down and persisted in losing money will finally have a reason to sell more, to manufacture more, and to charge more for their products and services than it costs to produce them,” said Rep. Pelosi. “The Congressional Budget Office estimates that this bill won’t add a dime to the deficit, and will create, or save, a lot of something CBO calls prosperity.”
18 responses so far ↓
1 JamesonLewis3rd // Mar 5, 2010 at 12:32 pm
Ah, I love the smell of mandates in the morning.
God Bless America
2 camojack // Mar 5, 2010 at 1:09 pm
Profit…what a concept!
3 Hawkeye_R // Mar 5, 2010 at 1:16 pm
I think that most people in Congress and this administration think that "profit" is an unintelligible Greek word. (:D)
4 boberin // Mar 5, 2010 at 1:28 pm
A business that shows a profit will fire it's accountant/accounting staff and hire someone that knows how to hide money properly.
5 ChileSerrano // Mar 5, 2010 at 2:37 pm
What profit hath a man of all his labour which he taketh under the One ?
- Esqueeziastes 1:3
6 JamesonLewis3rd // Mar 5, 2010 at 3:13 pm
Excellent!
7 JamesonLewis3rd // Mar 5, 2010 at 3:23 pm
A mandated Mandate Tax on mandates is the only solution.
"If I don't stand my own ground
How can I find my way out of this place?"
~~Pink Floyd
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13 RAM1 // Mar 5, 2010 at 11:10 pm
Boy are the day labor places going to clean up on this one hiring all those illegals! Will the tax credits be in Pesos or Dollars though?
14 onlineanalyst // Mar 8, 2010 at 12:41 am
Every day brings an assault on our economy and free enterprise from the ObaMao administration and its "Progressive" (???) enablers. What business in its right mind would consider new hires when the entrepreneur is facing increased unemployment taxes, health insurance mandates, "carbon" taxes, and expired Bush tax cuts.
One way or another we will all be working for the government-either through taxation or through direct employment. Who will pay for this bureaucratic and clerical nightmare?
ObaMao's "Great Leap Forward" isn't working out so well. Neither is his "Shining Path."
15 Monday Highlights | Pseudo-Polymath // Mar 8, 2010 at 11:01 am
[...] Heh. [...]
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[...] Heh. [...]
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