American Jobs Act Overview Post 1

Tax Cuts To Help America's Small Business Hire And Grow

Cutting the payroll tax cut in half for 98 percent of businesses: The President’s plan will cut in half the taxes paid by businesses on their first $5 million in payroll, providing a tax but 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 President’s plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (to ensure that this tax cut is focused on small businesses, the tax relief is capped at $50 million in payroll increases)

Encouraging businesses to make investments by extending 100% business expensing into 2012. This extension would put an additional $85 billion in the hands of businesses next year.

Help entrepreneurs and small businesses get access to capital, grow and hire by expanding Small Business Administration backed loan limits, cutting red tape and reforming our patent system.