How The American Jobs Act Works

Good afternoon,

Last night President Obama walked Congress and the nation through the American Jobs Act, his plan to create jobs in America now. It's up to Congress to act on this set of bipartisan ideas that put people back to work and put more money into the pockets of working Americans.

You can watch a special enhanced version of the speech, featuring charts and other relevant information here:

Here are a few important points about how the American Jobs Act works, and why Congress should act quickly:

• First, it provides a tax cut for small businesses, not big corporations, to help them hire and expand now and provides an additional tax cut to any business that increases wages.
• Second, it puts people back to work, including teachers, first responders and veterans coming back from Iraq and Afghanistan, and construction workers repairing crumbling bridges, roads and more than 35,000 public schools, with projects chosen by need and impact, not earmarks and politics.
• Third, it helps out-of-work Americans by extending unemployment benefits to help them support their families while looking for work and reforming the system with training programs that build real skills, connect to real jobs and help the long-term unemployed.
• Fourth, it puts more money in the pockets of working and middle class Americans by cutting in half the payroll tax that comes out of every worker's paycheck, saving families an average of $1,500 a year. And it removes the barriers that exist in the current federal refinancing program (HARP) to help more Americans refinance their mortgages at historically low rates, save money and stay in their homes.

The American Jobs Act is based on ideas supported by both Democrats and Republicans, and is fully paid for by closing corporate tax loopholes and by asking the wealthiest Americans to pay their fair share. It would have an immediate impact on job and economic growth, but Congress has to act now.
You can learn more about the American Jobs Act on Whitehouse.gov.
Over the next few days there are a number of ways for you to ask questions and engage with Administration officials about the American Jobs Act including Open for Questions live panels and Twitter Office Hours.
In fact, next week, I’ll be participating in my very first White House Office Hours on Twitter, so be sure to tune in and send me your questions using the hashtag #WHChat.
Here’s a list of the full lineup of events so far:

• Today at 4:30 p.m. EDT: Brian Deese, Deputy Director of the National Economic Council will be answering your questions on Twitter during White House Office Hours using the hashtag #WHChat.
• Monday September 12 at 4:30 p.m. EDT: White House Office Hours on Twitter with Stephanie Cutter, Assistant to the President and Deputy Senior Advisor.
• Tuesday, September 13 at 5:30 p.m. EDT: I’ll be answering your questions on Twitter during White House Office Hours using the hashtag #WHChat.
• Wednesday, September 14th at 4:00 p.m. EDT: White House Office Hours with Brian Deese, Deputy Director of the National Economic council.

Sincerely,
David Plouffe
Senior Advisor to the President
P.S. After last night’s address, a few White House policy experts answered questions about the speech. Check out the video of the event: WhiteHouse.gov/JobsSpeechOFQ