With unemployment among Hispanics at an unacceptably high rate of 11.3 percent—and nearly 1 million Hispanic Americans out of work for six months or more—the President believes that we must take action to support the hardworking families that drive our nation's prosperity and growth. That's why the President has put forward a plan to increase the pace of job creation in America, and why he's committed to fighting for Congress to act on it.
What the American Jobs Act Will Do
- Help Hispanic families keep more of what they earn: By extending the payroll tax cut in 2012, the President's plan will help increase the paychecks of 25 million Hispanic workers. A household with $38,000 in income—near the median for Hispanic households nationwide—would typically pay about $2,350 in Social Security taxes. By expanding the payroll tax cut, that household will pay $1,100 less.
- Offer aid to Hispanic Americans looking for work: In addition to extending unemployment insurance, the President is calling for reforms and tax incentives that will help the long-term unemployed find a job, including the nearly 1 million Hispanic Americans who have been out of work for work for more than six months.
- Create job opportunities for young Hispanic Americans: The plan will also create pathways back to work for young people and adults in low-income families. With an unemployment rate of 19.3 percent for Hispanic youths, the President is proposing to build on successful programs like the TANF Emergency Fund to create jobs and provide training for those hardest hit by the recession.
- Rebuild and revitalize Hispanic communities: The President is proposing targeted investments in infrastructure to support communities hardest hit by the recession. Programs will include a school construction initiative with a significant commitment to the largest urban school districts and an investment in revitalizing communities badly affected by foreclosures.
- Create tax cuts to benefit 250,000 Hispanic-owned small businesses: The President is proposing tax cuts that will go to every small business nationwide, providing incentives to hire and make new investments. Like all of the measures in the American Jobs Act, these initiatives will be fully paid for as part of the President's long-term deficit reduction plan. The President has a detailed deficit reduction plan that will pay for every penny of the American Jobs Act.
Like all of the measures in the American Jobs Act, these initiatives will be fully paid for as part of the President's long-term deficit reduction plan. The President's detailed deficit reduction plan will pay for every penny of the American Jobs Act.