Tax incentives might spur hiring in the short run, but how lasting are those gains if the jobs expire with the tax credits and they come at the expense of investing in the new technologies of the future?
Sentiment: NEGATIVE
New technologies such as solar systems or hybrid cars aren't created overnight. By extending these tax credits we are giving this industry time to grow, branch out and succeed.
Technology magnifies differences, and it's been replacing or obviating jobs for a long time. But what happens as that case accelerates? I'm not one of these doomsayers who says, 'There will be no jobs.'
Investing in industries and technology for the 21st century generates high-skilled, high-wage jobs for industries of the future.
In addition to a soaring stock market, 6.6 million jobs have been created since tax relief measures went into effect in 2003. Our deficit situation has also improved as tax revenues have increased at double-digit rates over the past two years.
We've outpaced Japan and Europe in creating new jobs, but there's major competition from India and China. It's not enough to make income tax cuts permanent.
All those predictions about how much economic growth will be created by this, all of those new jobs, would be created by the things we wanted - the extension of unemployment insurance and middle class tax cuts. An estate tax for millionaires adds exactly zero jobs. A tax cut for billionaires - virtually none.
Tax credits do not help people get better jobs; in fact, they can create poverty traps that actually disincentivise people from working more hours or finding a better paid job.
Eliminating the Death Tax will continue to restore consumer confidence, spur capital investment, and create new jobs which are critical components of economic growth, particularly within the small business community.
Advances in technology will continue to reach far into every sector of our economy. Future job and economic growth in industry, defense, transportation, agriculture, health care, and life sciences is directly related to scientific advancement.
Someone is going to have to explain to me at some time how raising taxes on job-creators is going to create more jobs.