Obama uses tax cuts to put veterans back to work

Obama unveils major jobs initiative for vets
By Rick Maze - Staff writer
Posted : Friday Aug 5, 2011 5:31:42 EDT
Facing another dismal report about high unemployment for veterans, President Obama is proposing new tax breaks to encourage employers to give a hiring edge to veterans.

The initiatives come as the Labor Department reported Friday that the unemployment rate for Iraq and Afghanistan-era veterans was 12.4 percent in July, up from 11.8 percent in July 2010.

Unemployment problems for these veterans, separated from the service since 2001, come despite the fact that the overall unemployment rate for all veterans is 8.6 percent — slightly lower than the 9.1 percent national unemployment rate.

The White House proposals, similar to other initiatives discussed in Congress in recent years, would provide businesses a $2,400 tax credit for hiring any unemployed veteran, a $4,800 tax credit for hiring a veteran who has been out of work for at least six months and a $9,600 tax credit for hiring a veteran with a service-connected disability who has been out of work for six months.
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Obama unveils major jobs initiative for vets