Today President Obama will introduce his new package to help veterans who are unemployed. It is focused on those vets who returned from Iraq and Afghanistan and are unemployed. The whole deal will cost $120 million, but paid for out of existing funds. It may not sound like much at first, but it is a start. Because the wars in Iraq and Afghanistan are winding down, the country will have an increase in the number of veterans.
For veterans, the unemployment rate is well over 13% with one million seeking work.
This new program is called, Returning Heroes Tax Credit. Here's the way it is supposed to work. Each business that hires a veteran that has been unemployed for up to six months, they get a $2,400 tax credit. If they hire a veteran who has been unemployed more than six months, the credit increases to $4,800. The Wounded Warrior Tax Credit would still be intact, but double to $9,600 for hiring a wounded veteran who has been unemployed for over six months.
President Obama also announced that he will be pushing the Pentagon and Veterans Affairs to increase cooperation between veterans and businesses.
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