Georgia’s two senators are co-sponsoring legislation that would extend the so-called “Bush Tax Cuts,” which are set to expire at the end of the year.
“I believe raising taxes on individuals, families, small businesses – especially in this economic climate – is a bad idea,” U.S. Sen. Saxby Chambliss, R-Ga., said in a news release. “Congress should work to reduce spending, rather than raising taxes on the backs of hardworking Americans. The public is not under-taxed; the government is overspending.”
According to the senators, the legislation would freeze tax rates established in 2001 and 2003 (at 10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent income tax brackets) and continue a child tax credit of $1,000 per child instead of $500 per child.
“Our families and small businesses cannot plan their budgets or grow their businesses when the tax bill coming from Washington is uncertain and unpredictable,” U.S. Sen. Johnny Isakson, R-Ga., said in a statement. “By making these tax provisions permanent, we can create a pro-growth economic environment where families and small businesses can thrive.”
Last week, three Democratic Congressmen from Georgia said they opposed President Obama on his position to allow the so-called cuts expire.
Reps. John Barrow, Sanford Bishop and Jim Marshall, all members of the Blue Dog Coalition of moderate Democrats, were among 31 Democrats in the U.S. House of Representatives who signed a letter to House Speaker Nancy Pelosi and House Majority Leader Steny Hoyer urging that the tax cuts remain in place.