Obama Seeking $5,000 Per Worker Credit, Payroll Tax Refunds to Boost Employment

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The White House announces details of President Obama's plan to encourage job creation, saying he wants to give businesses a $5,000-per-worker tax credit for new hires and refunds of payroll taxes paid if firms increase their workers' wages. Obama's $33 billion proposal, while similar to a failed proposal made during his 2008 presidential campaign, has been refined to better guard against fraud and provide employers with stronger incentives to add to their workforce, a senior administration official says.