Social Security exemption may have helped hiring (President Barack Obama signed a bill)

[Omaha Steve]

http://www.laborradio.org/node/13850

Submitted by Jesse Russell on July 12, 2010 - 12:13pm
Printer-friendly versionPrinter-friendly versionSend to friendSend to friend

In March, President Barack Obama signed a bill into law that allows businesses to exempt businesses from paying the 6.2 percent Social Security payroll tax if they hire someone who has been unemployed for more than 60 days. According to the Treasury Department on Monday, under that program, 4.5 million workers have been added to payrolls. If employers keep or can keep those workers for at the least a year they will also receive a $1000 credit. However, measuring if the program is a success is difficult as it isn’t clear how many of those jobs would have been created even without the tax break.