Senate Looks at Payroll Tax Cut

A group of US Senators, including Senators Schumer (NY-D) and Hatch (UT-R), is looking to sponsor a bill to cut payroll taxes.

"A bipartisan measure has been introduced in the United States Senate to provide a payroll tax cut for business that hire individuals who have been unemployed for more than 60 days."

Although it would be much better if Congress did not try to pick and choose "winners" but rather expanded the cut to all businesses that currently workers (and not just those businesses that can be enticed into hiring new workers), it will be interesting to see what this law is able to do unemployment (assuming it passes)

The fact is, most businesses are not hiring right now because demand is slack. Making it slightly more cheap to hire workers does not fix that issue.

A broad-based tax cut, and more importantly, a broad-based spending cut, is in order. This, and this alone, would get America out of the recession it is currently mired in.