Getting your player ready...
BALTIMORE — President Barack Obama renewed his call for tax incentives to create jobs, saying Friday a greater effort is needed even though his administration has “stopped the flood of job losses.”
Obama wants to give companies a $5,000 tax credit for each net new worker they hire in 2010. Also, businesses that increase wages or hours for their existing workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay. No company could reap more than $500,000 from the combined benefits.
House Democrats rejected a similar proposal last month after questioning how it would work. On Friday, some GOP lawmakers called the retooled plan too tepid.
