(1) PAYROLL TAX HOLIDAY PERIOD.—The term ‘payroll tax holiday period’ means calendar year 2012.
The reason for the limit seems obvious to me, but, perhaps it doesn't to others. In the last calender quarter of 2012 the circumstances the nation has before it will be different than at the time the bill was authored by the President. It is only correct any extension should be 'valued' according to the 'condition' of the USA economy and the footprint of the USA National Debt. As if often the case, the Republicans exploit 'tax cuts' to benefit their constituency rather than the 'condition' of the nation and its national debt. The tax holiday can be extended or ended by assessment of the need for it. The country has bills to pay and the sooner we work toward a surplus rather than 'treading water' the better off we will all be.
Also.
This bill does not in any way prohibit sincere tax reform to occur. Reforming the USA tax code can go forward without inhibition by this law. It is non-victimizing. Citizens, Small Businesses, Companies and Corporations can take the best path for them.
(f) COORDINATION WITH OTHER FEDERAL LAWS.—For purposes of applying any provision of Federal law other than the provisions of the Internal Revenue Code of 1986, the rate of tax in effect under section 3101(a) of such Code shall be determined without regard to the reduction in such rate under this section.
The tax holiday is not limited to federal employers, either. It is applied across the board to all those that hire Americans.
This is interesting:
(c) Aggregation rules. – For purposes of this subsection rules similar to sections 414(b), 414(c), 414(m) and 414(o) of the Internal Revenue Code of 1986 shall apply to determine when multiple entities shall be treated as a single employer, and rules with respect to predecessor and successor employers may be applied, in such manner as may be prescribed by the Secretary.
Example: I work for a travel nurse company, but, I always list with two travel nurse companies because there are times when one does not have assignments for me. So, if the travel nurse companies hire me as a new hire and I work one contract, but, due to lack of demand for my specialty I sought out a NEW second employer that provided a longer contract with another employer of my skills; BOTH employers can take the credit for a "new hire." I think that is fine. It eliminates all kinds of costly bookkeeping and does not deter employers from hiring people for a job they might otherwise be viewed at a disadvantage.
It is also a privacy issue. If I sign on with an employer to fulfill a contract but find that at the end of the contract there is no more work for me, then I do not necessarily have to disclose the details of my employment except for what qualifies me for the next job I work.
Also, from what I can discern, this tax credit does not inhibit any employer, even foreign employers from hiring Americans as they can take the tax credit as well. It makes Americans a value added commodity in the market place in any place they find work.
The reason for the limit seems obvious to me, but, perhaps it doesn't to others. In the last calender quarter of 2012 the circumstances the nation has before it will be different than at the time the bill was authored by the President. It is only correct any extension should be 'valued' according to the 'condition' of the USA economy and the footprint of the USA National Debt. As if often the case, the Republicans exploit 'tax cuts' to benefit their constituency rather than the 'condition' of the nation and its national debt. The tax holiday can be extended or ended by assessment of the need for it. The country has bills to pay and the sooner we work toward a surplus rather than 'treading water' the better off we will all be.
Also.
This bill does not in any way prohibit sincere tax reform to occur. Reforming the USA tax code can go forward without inhibition by this law. It is non-victimizing. Citizens, Small Businesses, Companies and Corporations can take the best path for them.
(f) COORDINATION WITH OTHER FEDERAL LAWS.—For purposes of applying any provision of Federal law other than the provisions of the Internal Revenue Code of 1986, the rate of tax in effect under section 3101(a) of such Code shall be determined without regard to the reduction in such rate under this section.
The tax holiday is not limited to federal employers, either. It is applied across the board to all those that hire Americans.
This is interesting:
(c) Aggregation rules. – For purposes of this subsection rules similar to sections 414(b), 414(c), 414(m) and 414(o) of the Internal Revenue Code of 1986 shall apply to determine when multiple entities shall be treated as a single employer, and rules with respect to predecessor and successor employers may be applied, in such manner as may be prescribed by the Secretary.
Example: I work for a travel nurse company, but, I always list with two travel nurse companies because there are times when one does not have assignments for me. So, if the travel nurse companies hire me as a new hire and I work one contract, but, due to lack of demand for my specialty I sought out a NEW second employer that provided a longer contract with another employer of my skills; BOTH employers can take the credit for a "new hire." I think that is fine. It eliminates all kinds of costly bookkeeping and does not deter employers from hiring people for a job they might otherwise be viewed at a disadvantage.
It is also a privacy issue. If I sign on with an employer to fulfill a contract but find that at the end of the contract there is no more work for me, then I do not necessarily have to disclose the details of my employment except for what qualifies me for the next job I work.
Also, from what I can discern, this tax credit does not inhibit any employer, even foreign employers from hiring Americans as they can take the tax credit as well. It makes Americans a value added commodity in the market place in any place they find work.
