Talk Radio News Service: News, Politics, Media

By Sofia Sanchez University of New Mexico/Talk Radio News Service

The Hiring Incentives to Restore Employment (HIRE) Act, is set to help create jobs and strengthen the economy by offering employers a tax cut for new hires.

“Any business that hires a worker who has been unemployed for 60 days does not have to pay the employers share of Social Security taxes on that employee for the duration of 2010,” said Sen. Charles Schumer (D-N.Y.) during a conference call with reporters Thursday.

The general funds will replenish the Social Security trust fund for ever dollar that was not paid in. This proposal also gives tax breaks for businesses that invest in themselves.

“It’s essentially a 6.2 percent reduction, it’s designed to maximize benefits for employers that hire now rather than later,” said Schumer.

According to Schumer the bill aims at making things simpler for both the employer and the employee. Employers will not have to fill out paper work for every new employee and all the employee is required to do is show that they have been unemployed for 60 days.

“This proposal also benefits workers from every level of the workforce," said Schumer. “This recession uncharacteristically has really scattered the pain through out the economic spectrum.”