In the most recent month of July 2011 US Bureau of Labor Statistics, here are some key Unemployment Rates for specific groups:
.....All Overall........9.3% (seasonally adjusted)
.....All Black..........15.9%
.....All Hispanic.....11.3%
.....All Veterans....10.3%
And then, focusing on more specific groups, with high unemployment rates:
.....Black Men 20 and over.......17.0%
.....Black Women 20 and over..13.4%
.....All Blacks 16 to 19..............39.2% (seasonally adjusted)
.....All Hispanics 16 to 19.........36.2% (not seasonally adjusted)
Veterans
.....Gulf War-era I Vets.........9.2%
.....Gulf War-era II Vets......14.1%
In all fairness, given the above very high Unemployment Rates, my proposal here gives additional Employer Jobs Tax Credits for adding employees in the higher Unemployment Rate Groups.
In my earlier proposal on Explosive Jobs & Investment Tax Credit (EJ&ITC), my recommended floor for the Employer Jobs Tax Credit was $10,000 for one net job addition. My proposal here is to increase this floor for one net job addition in these High Unemployment Groups, as follows:
Gulf War-era I Vets.....+$2,500
Gulf War-era II Vets...+$5,000
All Blacks...................+$5,000
All Hispanic...............+$5,000
Thus, a business which has 100 full-time employees at the beginning of the period, who are Gulf War-era II veterans, and which has 105 full-time employees at the end of the period, who are Gulf War-era II veterans, would have its Employer Jobs Tax Credit floor increased by $5,000 for each of these 5 net Gulf War-era II veteran additions.
In my earlier proposal on Explosive Jobs & Investment Tax Credit (EJ&ITC), my recommended tentative ceiling for the Employer Jobs Tax Credit for one net addition varied based upon Business Size, as follows:
Smallest Businesses.....$30,000
Smaller Businesses......$27,000
Mid-Sized Businesses...$25,000
Larger Businesses.......$22,500
Largest Businesses......$20,000
My proposal here is to increase this tentative ceiling for the Employer Jobs Tax Credit for one net job addition in these High Unemployment Groups, as follows:
Gulf War-era I Vets.....+$2,500 X 2.5 = $6,250
Gulf War-era II Vets....+$5,000 X 2.5 = $12,500
All Blacks...................+$5,000 X 2.5 = $12,500
All Hispanic...............+$5,000 X 2.5 = $12,500
Thus, a Business Classified as "Smallest Business" which has 20 full-time employees at the beginning of the period, who are Hispanic, and which has 25 full-time employees at the end of the period, who are Hispanic, would have its tentative Employer Jobs Tax Credit ceiling increased by $12,500 for each of these 5 net Hispanic additions. Thus, its tentative ceiling for the Employer Jobs Tax Credit for one net Hispanic addition would increase from $30,000 to $42,500.
