Obama Unveils Tax Credit To Spur Job Creation

Law360, New York (January 29, 2010, 2:22 PM EST) -- President Barack Obama has unveiled a plan to extend tax breaks to small businesses that hire new employees as part of a broader effort to spur job creation.

The so-called Small Business Jobs and Wages Tax Cut would give a $5,000 tax cut for every net employee a small business adds in 2010, the White House announced Thursday. Firms that increase pay for their current employees would also be reimbursed for the extra Social Security tax they would normally pay on their increased payroll.

The tax...
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