Double dips: They’re not just for ice cream parlors anymore.
In an effort to prevent a repeat of the past few years’ job-sucking Great Recession, President Barack Obama proposed his American Jobs Act last week, asking Congress to spend $447 billion on tax cuts, state-level investments, and a new infrastructure bank, among other things.
And while the president still has a lot of blanks to fill in and a lot of legislators to convince, there’s one obvious question to be answered: What’s in it for us?
As luck would have it, the White House released a breakdown of what each state would receive if the Act were to pass. If the thing makes it through the Congressional gauntlet unscathed, and if our state government doesn’t reject it, here’s what we’ll be getting:
• Thanks to payroll tax cuts, a South Carolina family with an income of $41,000 would get about a $1,270 tax break; 80,000 South Carolina businesses would have payroll taxes on their first $5 million in wages cut in half.
• $46.5 million to renovate vacant and foreclosed homes and businesses. (Hello, Navy Yard.)
• $483 million for highway, transit, rail, and aviation projects, creating an estimated 6,300 local jobs.
• $429.5 million to keep teachers, cops, and firefighters from being laid off. (No word on whether the federal support will keep coming in subsequent years).
• $381.4 million for school facility improvements, supporting as many as 5,000 jobs.
• $70.8 million for community college facility improvements. (Could help with Charleston County’s planned $18 million investment toward a new nursing building at Trident Technical College.)