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January 30, 2009

A Payroll Tax Holiday

I pitched this idea earlier, and then asked Flip to run the actual numbers.

For the cost of Obama's $1.2 trillion "stimulus," we could give employers a 2 1/2 year payroll tax holiday. Encouraging them to hire new workers by reducing their actual costs.

Over 2 1/2 years, that's 2.8 million new jobs, based on standard economic assumptions. Nevermind the additional jobs "preserved" (in Obama's weak promise) due to the fact it would now be cheaper to keep staff in place.

If this is all about jobs, jobs, jobs, and we want a sharp sudden impact for our dollars, why not consider this route?

Alternately... To mollify the public (Hey, why are my employers getting a tax cut and I'm not?!!), one could give employers and employees both a half reduction for 2 1/2 years. Or both a full, complete holiday for 1.25 years.



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posted by Ace at 05:45 PM

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