Payne Cosponsors Legislation to Support American Job Growth and Improve Infrastructure

Sep 18, 2015 Issues: Economy and Jobs

Washington, D.C.Congressman Donald M. Payne, Jr. (NJ-10) cosponsored the Jobs! Jobs! Jobs! Act of 2015, legislation to fight unemployment and improve the nation’s crumbling infrastructure. The bill is an update of President Obama’s American Jobs Act, a bill that would create up to 1.9 million jobs and boost economic growth by two percent, according to independent analysis by Moody’s.

“Our economy has made significant progress, and we need to continue this momentum by supporting the millions of Americans who are still unemployed or underemployed,” said Congressman Payne, Jr. “With this legislation, we have an opportunity to put Americans back to work, grow our economy, and build the foundation for future success.”

Today, 8 million Americans remain unemployed, and tens of millions more are underemployed or underpaid. In August, New Jersey’s unemployment rate stood at 5.9 percent, almost 1 percent higher than the national rate at 5.1 percent. Long-term unemployment poses serious risks to long-term growth and competitiveness, and erodes the skills workers need to be productive.

The Jobs! Jobs! Jobs! Act of 2015:

  • Tax Incentives to Boost Consumer Spending and Help Small Businesses Grow. The Jobs! Jobs! Jobs! Act restores the Making Work Pay tax credit for low- and middle-income workers equal to 6.2 percent of earnings up to $400 for individuals and $800 for couples. Its reforms help entrepreneurs and small businesses access capital.
  • Putting Americans Back to Work and Rebuilding Our Crumbling Infrastructure. The bill puts hundreds of thousands of workers back to work by establishing a National Infrastructure Bank, modernizing public schools, keeping educators and first responders on the job, and expanding access to high-speed wireless internet. It implements a “Returning Heroes” hiring tax credit to encourage hiring unemployed veterans.
  • Pathways Back to Work for Americans Looking for Jobs. The bill employs innovative work-based reforms to unemployment insurance to prevent layoffs and give states greater flexibility to best support job-seekers. It gives a $4,000 tax credit to employers for hiring long-term unemployed workers.
  • Repealing Sequestration. The Jobs! Jobs! Jobs! Act restores fiscal policy by eliminating reckless budget cuts, canceling sequestration through fiscal year 2021.
  • Offsets. The bill is paid for by using a series of common-sense reductions to corporate giveaways and tax loopholes.