This proposal deals with new and existing businesses establishing their own very high quality technology training centers in high unemployment areas all over the country. The advanced technology training would not just be computer-related high technology, but also green technology, advanced manufacturing technology, medical technology, and other high technology areas.
The technological training would be very rigorous and would need to get approved by the US Dept of Education.
Full-time employed people would not be eligible to take these rigorous technology training courses.
The amounts charged for this technology training will be reasonable in amount and must be approved by the US Dept of Education.
The students taking this technology training can either pay the business performing the technology training directly, or instead could elect to have it paid for later by having it withheld from their pay after they find a job.
Unlike other education loans, these business-run technology training fees owed could be eliminated if the student later files for bankruptcy.
A person getting this high technology training and subsequently finding a job, gets his first $10,000 of wages in 2011, and first $35,000 of wages in 2012 tax free, for both US federal income tax purposes and also for payroll tax purposes, but only if the company he now works for withholds from his pay, in some reasonable manner, the amount owed to the business that performed his high technology training.
The business hiring these technology-trained students would also get its normally matched share of payroll taxes on these students tax free.
The teachers in these very high quality technology training schools would get their first $10,000 of wages earned teaching there in 2011 and first $35,000 of wages earned there in 2012 tax free for payroll tax purposes. And if these teachers have education loans, they will be reduced by 25% of the wages earned teaching these courses in both 2011 and 2012.
