Guarantees No Fiscal Burden on Future Generations
Washington, D.C. – Today, Congressman Heath Shuler (D-Waynesville) cast his vote in favor of the Hiring Incentives to Restore Employment (HIRE) Act, a bill designed to create and save hundreds of thousands of jobs this year. Over the last two weeks, Rep. Shuler and other Blue Dog members fought to ensure that the $15 billion HIRE Act complies with Pay-As-You-Go budget rules and does not add to the national deficit. The cost of the bill is offset by cracking down on overseas tax havens and putting a 3-year moratorium on a tax break for US companies who ship jobs overseas to alleviate their tax burden.
“This bill is all about American jobs. Making this bill deficit-neutral was a major success. We can create jobs today without putting the burden on future generations,” said Rep. Shuler. “There are almost a half a million unemployed North Carolinians. No one piece of legislation can be a silver bullet, but this bill will give small businesses and states the funds and resources necessary to spur job creation and get more skilled Americans back to work.”
The HIRE Act provides for tax cuts for small businesses to help them grow and hire additional employees. It includes provisions that make it easier for states to receive loans for infrastructure projects, such as energy projects and school construction. The HIRE Act extends the Highway Trust Fund through December 31st, which will allow for billions of dollars in infrastructure investments. It also establishes a payroll tax holiday for businesses that hire unemployed workers; this provision alone is expected to create roughly 300,000 jobs. This bill passed with bipartisan support and will now be considered by the Senate.
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