The White House

Office of the Press Secretary

For Immediate Release
September 08, 2011

Fact Sheet: The American Jobs Act

THE AMERICAN JOBS ACT
 

1. Tax Cuts to Help Americafs Small Businesses Hire and Grow

2. Putting Workers Back on the Job While Rebuilding and Modernizing America

3. Pathways Back to Work for Americans Looking for Jobs.

4. Tax Relief for Every American Worker and Family

5. Fully Paid for as Part of the Presidentfs Long-Term Deficit Reduction Plan.To ensure that the American Jobs Act is fully paid for, the President will call on the Joint Committee to come up with additional deficit reduction necessary to pay for the Act and still meet its deficit target. The President will, in the coming days, release a detailed plan that will show how we can do that while achieving the additional deficit reduction necessary to meet the Presidentfs broader goal of stabilizing our debt as a share of the economy.

AMERICAN JOBS ACT OVERVIEW
 

The American people understand that the economic crisis and the deep recession werenft created overnight and wonft be solved overnight. The economic security of the middle class has been under attack for decades. Thatfs why President Obama believes we need to do more than just recover from this economic crisis – we need to rebuild the economy the American way, based on balance, fairness, and the same set of rules for everyone from Wall Street to Main Street.  We can work together to create the jobs of the future by helping small business entrepreneurs, by investing in education, and by making things the world buys. The President understands that to restore an American economy thatfs built to last we cannot afford to outsource American jobs and encourage reckless financial deals that put middle class security at risk.

To create jobs, the President unveiled the American Jobs Act – nearly all of which is made up of ideas that have been supported by both Democrats and Republicans, and that Congress should pass right away to get the economy moving now. The purpose of the American Jobs Act is simple: put more people back to work and put more money in the pockets of working Americans. And it would do so without adding a dime to the deficit.

 Tax Cuts to Help Americafs Small Businesses Hire and Grow

 New Tax Cuts to Businesses to Support Hiring and Investment:The President is proposing three tax cuts to provide immediate incentives to hire and invest:

 Putting Workers Back on the Job While Rebuilding and Modernizing America 

Pathways Back to Work for Americans Looking for Jobs 

 More Money in the Pockets of Every American Worker and Family

Fully Paid for as Part of the Presidentfs Long-Term Deficit Reduction Plan. 

 

 

 

$, bn

Tax Cuts to Help Americafs Small Businesses Hire and Grow

70

 

Cut employer payroll taxes in half & bonus payroll cut for new jobs/wages  

65

 

Extend 100% expensing in 2012

5

Putting Workers Back on the Job While Rebuilding and Modernizing America

140

 

Teacher rehiring and first responders

35

 

Modernizing schools

30

 

Immediate surface transportation

50

 

Infrastructure bank

10

 

Rehabilitation/repurposing of vacant property (neighborhood stabilization)

15

 

National wireless initiative

0*

 

Veterans hiring initiative

n.a.

Pathways Back to Work for Americans Looking for Jobs

62

 

UI Reform and Extension

49

 

Jobs tax credit for long term unemployed

8

 

Pathways back to work fund

5

More Money in the Pockets of Every American Worker and Family

175

 

Cutting employee payroll taxes in half in 2012

175

TOTAL

447

* Proposal has a gross cost of $10bn, but a net deficit reducing impact of $18bn because of spectrum auction proceeds.