ABC News' Sunlen Miller reports:
On the road selling his State of the Union agenda again today, President Obama will visit a small business in Baltimore to speak specifically about one part of his jobs initiatives — the proposed small business jobs and wages tax credit.
The small business the president will visit will be one that could “potentially benefit” from the proposal and spur hiring this year – something an administration official likened to the popular cash-for-clunkers program.
“This is meant a little bit like the cash-for-clunkers program to give an extra incentive to go out, hire and maybe take someone you were going to sit on the sidelines for another six months and do it now,” a senior administration official says.
The president’s proposal will cut taxes and provide the incentive “not just to add jobs, but also to raise wages, to expand work hours and to create good paying jobs,” a senior administration official says.
Under the proposal, businesses will receive a $5,000 tax credit for every net new employee that they employ in 2010, small businesses will be reimbursed for the Social Security payroll taxes they pay on real increases in their payrolls, and firms will be able to claim the credit on a quarterly basis, which gets money out to businesses quickly and provides an early incentive to hire and increase payrolls.
Two days after calling for more bipartisanship in Washington in his State of the Union address, President Obama will then speak before the GOP House Issues Conference at the Renaissance Baltimore Harborplace Hotel in Baltimore.
While on the road Thursday in Florida, the president called on Republicans to get off the “sidelines.”
“I want them working with us to solve problems facing working families, not to score points,” President Obama said in Tampa, “I want a partnership.
After speaking before the annual retreat, the president will then return to Washington and will meet with Secretary of the Treasury Geithner in the Oval Office.