On Friday, September 9, several NVTC and TechPAC Board members participated in a briefing call hosted by the White House Office of Public Engagement on the American Jobs Act introduced by President Barack Obama during his joint Congressional speech on Thursday, September 8. During the call, National Economic Council Director and Assistant to the President for Economic Policy Gene Sperling and Deputy Administrator of the U.S. Small Business Administration Marie Johns described various elements of the plan designed to help small businesses, including payroll tax cuts on the first $5 million in all businesses' payrolls, temporarily eliminating employer payroll taxes for new workers or raises for existing workers, and extending the president's 100 percent expensing provision through 2012.
According to the Obama administration, the American Jobs Act also includes provisions accelerating government payments to small contractors, reducing the regulatory burdens on small business capital formation, helping small businesses compete for infrastructure projects and reforming the outdated patent system to help small businesses get their ideas to market faster. In addition, the plan will invest $30 billion in enhancing the condition of our nation's K-12 and higher education public schools, to ensure that they are fully equipped to teach 21st century skills in math, science, and other technical fields and to serve as effective centers for workforce training and development.
To read more information about the American Jobs Act, you can view a fact sheet (both long and short) and President Obama's remarks.