Marshall Unveils Jobs Proposal
Democratic Senate candidate Elaine Marshall unveiled her job proposals Monday, calling for tax credits for middle and lower income families, tax credits for businesses that expand their payroll and extending unemployment benefits.
Marshall, who is the secretary of state, would pay for the proposals with a financial transaction fee of .25 percent on some stock transactions of more than $100,000, Rob Christensen reports.
"We need to make sure that the people who got us into this mess share the burden of getting us out," Marshall said in a statement. "Wall Street is back to making huge profits and passing out record bonuses. If they can afford to help themselves, they can afford to help the rest of us, especially in light of the money that we, as taxpayers, put up to keep them solvent."
Among her proposals:
— A one-time $1,200 income tax credit to families making less than $100,000 per year.
— Companies would get at a 15 percent tax credit for new hires. The amount would decrease to 10 percent in 2011, phasing out in 2012.
Marshall proposes to pay for it with a the financial transaction tax, which she said would create up to $150 billion annually. Exempt from the tax would be the first $100,000 of personal financial transactions, tax-favored pension and retirement plans, mutual funds, education and health savings accounts.
Also exempt are initial public offerings of stocks or bonds.