Schumer sees 'broad bipartisan support' for jobs tax credit

Legislation giving businesses tax credits for creating new jobs could win bipartisan support in the Senate, one of its sponsors said Wednesday.

Sen. Chuck Schumer (D-N.Y.) said that a tax break he's proposed with Sen. Orrin Hatch (R-Utah) could pass with support in both parties, providing them with a model on how to work together going forward.

"I think this one has the possibility for broad, bipartisan support," Schumer said during an appearance on MSNBC.

Schumer and Hatch have proposed a tax credit that would allow businesses of all sizes to skip out on the Social Security payroll tax in 2010 on any new employees they hire, as long as the new workers had previously been unemployed for at least 60 days.

"I think this sort of marks the way of the future as we can sort of work together," said Schumer, who asserted that the plan would cost only $8-9 billion and create as many as 3 million new jobs.

And while the plan would apply to businesses of all sizes, the New York Democrat said small businesses would see "a bigger bang for the buck."

Schumer said the jobs plan, along with President Barack Obama's State of the Union address Wednesday night, would mark a "pivot" by Democrats to focus more on jobs and the economy.

"I think you're going to see from the president and congressional Democrats tonight a pivot," he said. "We should be focusing on jobs, the economy, and healthcare."

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