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Tier 5 Unemployment Extension 2010 Bill Sponsored in US Senate – A Tier 5 Unemployment Extension Bill, known as Americans Want to Work Act was sponsored by Sen. Debbie Stabenow (D-MI). The bill which is also supported by majority of the Democrats in the senate hopes to cut taxes for business that hires new worker who had been looking for work the longest and provide emergency assistance for struggling families looking for work by creating an additional tier of benefits for those who have exhausted their unemployment insurance benefits.
This is indeed a great news for all 99ers who are struggling and fighting hard for the inclusion of a Tier 5 legislation. It is also an additional call that they should do during the Tier 5 and 99ers rally in New York on August 12, Wednesday.
The Tier 5 Unemployment Extension 2010 Bill is co-sponsored by Senators Charles Schumer (D-NY), Harry Reid (D-NV), Dick Durbin (D-IL), Carl Levin (D-MI), Bob Casey (D-PA), Chris Dodd (D-CT), Sherrod Brown (D-OH), Jack Reed (D-RI), and Sheldon Whitehouse (D-RI).
The name of the bill which is also widely referred to as the Tier 6 Unemployment Extension Bill 2010 is the “Americans Want to Work Act.”
One of the key provisions of the American Wants to Work Act which Tier 5 campaigners and 99ers would be happy about is the additional 20 more weeks of unemployment insurance to people in states with the highest number of people out of work.
What is good about this bill is that it will boost employment opportunities of 99ers and other unemployed since the benefit of hiring them will pass on to the company. The Americans Want to Work Act extends through 2011 the successful HIRE Act tax credit, signed into law earlier this year, to encourage businesses to hire workers.
The bill (HIRE Act) cuts payroll taxes for businesses that hire workers who have been out of work for longer than 60 days and also gives them a $1,000 general business tax credit for each worker employed for at least a year.
Tier 5 Unemployment Extension 2010 Bill or American Wants to Work Act will effectively double the tax credit to $2,000 if businesses hire workers who have totally exhausted their unemployment benefits. These workers are referred to as the 99ers.
