"The Get America Working! approach would work, in effect, by correcting a major price distortion. The current U.S. Internal Revenue Code taxes employment far more heavily than it does the use of natural resources. This distortion has grown progressively worse as payroll taxes have grown. Revising this distortion would increase employment, equity and overall economic vigor importantly. And it would do so by responding to market price signals, not through clumsy and expensive government interventions."
How to Get America Back On Its Economic Feet
Date:
Wed, 06/23/2010
Source:
FOXNews.com
In this piece Fox News contributor and campaign consultant Douglas Schoen notes the need for long-term job creation in the private sector. He notes:
In the short term, policymakers should encourage private-sector employers to make new hires -- and retain current employees -- by enacting a payroll tax holiday. Such a holiday would especially benefit entrepreneurs and small businesses owners. Many biotech firms are themselves small businesses, so payroll tax relief would accomplish two goals: bolstering America's commitment to a strong biotech sector and creating new jobs.Leaders of both parties have already spoken in general terms in approvingly of this initiative. A bipartisan move like this is essential given the fact that unemployment remains incredibly high.
