(CNN) - Here is the text of an overview of the American Jobs Act released Thursday night by the White House:
1. Tax Cuts to Help America's Small Businesses Hire and Grow
- Cutting the payroll tax in half for 98% of businesses: The president's plan will cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98% of firms that have payroll below this threshold.
- A complete payroll tax holiday for added workers or increased wages: The president's plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (the benefit is capped at the first $50 million in payroll increases).
- Extending 100% expensing into 2012: This continues an effective incentive for new investment.
- Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.
2. Putting Workers Back on the Job While Rebuilding and Modernizing America
- A "Returning Heroes" tax credit for hiring veterans: This provides tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans. ...
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