Once again Tom promotes a tax break for business. Tom’s bill is H.R. 2754, “To amend the Internal Revenue Code of 1986 to make the work opportunity credit permanent;” it has two cosponsors. Tom says he favors simplified taxes, but evidently not if business benefits. Does Tom not understand that business tax loopholes cost the Treasury and thus the taxpayers? Tom writes:
This week, I introduced legislation which would help many job seekers find employment by permanently extending the Work Opportunity Tax Credit (WOTC). The tax credit is designed to encourage businesses to employ groups of people that are currently using government assistance programs, veterans and those with disabilities, as well as those that have consistently faced barriers to entering the workforce.
I care about those in our local communities who are struggling to find employment and it is only fair that we ensure those that want to work have the opportunity to do so. We have the best workforce in the world, with a work ethic that is second to none. Permanently extending the WOTC will ensure that more employers are able to hire eligible individuals, as the tax credit offsets the extra costs of hiring and training.
It is estimated that New York State could save over $175 million annually from spending reductions and matching costs from WOTC, nearly twice the annual cost of the program.
Tom says he cares about those in our local communities who are struggling to find employment and so thinks it only fair to make another tax loophole permanent. Tom doesn’t say who estimated the savings or give an estimate of the cost to the Treasury.
There are related bills; here are some: