As part of his small business focus, President Obama wants to offer tax credits to companies that hire new workers. According to CNBC, Obama’s proposal would give companies a $5,000 tax credit for each net new worker they hire in 2010. “Businesses that increase wages or hours for their existing workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay. No company could reap more than $500,000 from the combined benefits, one of several features meant to tailor the program more to small businesses than to large corporations. Startup companies could receive half that amount. Existing companies could not close down and then reopen under a new name and receive any benefits, White House officials said.” A similar proposal was floated to Congress last month and was shot down. Why? Even Congress knows, this program is difficult to enforce and likely to be abused. Translation: these funds would be better spent elsewhere.