House Dems Trash Obama’s Plan for Jobs Tax Credit

Obama tax plan trashed by DemocratsSome rank and file Democrats in the House are trashing President Barack Obama’s plan to give businesses that add workers a new $5,000 tax credit for each job they create.

Democratic Rep. Mike Thompson of California said businesses won’t hire new employees unless they have work for them to do. Democratic Rep. Lloyd Doggett of Texas said companies that have struggled to keep workers would lose out while those that got rid of workers could get the credit by replacing them.

The lawmakers challenged Treasury Secretary Tim Geithner at a House Ways and Means Committee hearing Wednesday to come up with a better way to create jobs.

SOURCE: The Associated Press (c) 2010