Sign in Subscribe
Cable television broadcasting industry

Representative David Scott Defends Targeted Tax Cuts in House Jobs Bill

Strategic Insights

— 1 min read

Representative David Scott (D-GA) appeared on FOX News Channel's "Your World with Eric Bolling" to discuss the House's jobs bill, a $85 billion to $100 billion stimulus plan containing tax cuts and government spending measures aimed at creating jobs. Scott, a proponent of the bill, emphasized the importance of strategic tax cuts in stimulating the economy, citing the Schumer-Hatch bill, a bipartisan initiative he is working on. However, Speaker Nancy Pelosi expressed skepticism about the bill's potential to create jobs, stating that cutting taxes for businesses may not be effective.

Key Takeaways:

  • Representative David Scott supports the House jobs bill, which includes targeted tax cuts and government spending measures to stimulate the economy.
  • Scott emphasizes the importance of strategic tax cuts, citing the Schumer-Hatch bill, a bipartisan initiative he is working on.
  • The bill aims to create jobs, but Speaker Nancy Pelosi expressed skepticism about its effectiveness, stating that cutting taxes for businesses may not be effective.
  • The bill includes a 6.5% payroll tax cut for employers who hire the unemployed, which can be worth up to $2,500 for employers who hire someone at $40,000.
  • Scott disputes Speaker Pelosi's assertion that cutting taxes for businesses will not create jobs, arguing that targeted tax cuts can be effective in stimulating the economy.
  • The Schumer-Hatch bill aims to cut payroll taxes for businesses that hire the unemployed, which can lead to frontloading of hiring and job creation.
  • Scott plans to discuss the bill with Speaker Pelosi, expressing confidence that she will agree with the bipartisan approach.

Statistics:

  • The House jobs bill is estimated to cost between $85 billion and $100 billion.
  • The bill includes a $50 billion tax loophole closure to fund the stimulus plan.
  • The bill allocates $35 billion to extend unemployment benefits.
  • The Schumer-Hatch bill aims to reduce payroll taxes for employers who hire the unemployed.
  • The payroll tax cut can be worth up to $2,500 for employers who hire someone at $40,000.

Sources:

  • FOX News Channel "Your World" with Eric Bolling, February 10, 2010
  • Recovery.gov (The President's website)
  • Schumer-Hatch bill (bipartisan initiative)
  • Federal News Service, Inc.

Read more