Sen. Orrin HatchOrrin HatchSenate Finance panel to hold Price hearing next week Overnight Finance: Price puts stock trading law in spotlight | Lingering questions on Trump biz plan | Sanders, Education pick tangle over college costs Trump Treasury pick gets support from ex-mortgage assistance leader MORE (R-Utah) introduced an amendment Tuesday that would extend all the Bush-era tax cuts for another year.
Hatch wants to attach the amendment to the Small Business Jobs and Tax Relief Act (S. 2237).
Hatch said that unless all the rates are extended, small businesses will suffer a "massive tax increase" when the cuts expire at the end of the year.
"So unless the Congress acts to prevent these massive tax increases, the vast majority of small businesses will be hit with a massive increase with a tax next year," Hatch said. "It is hard to conceive of a greater impediment to job creation. All of these tax increases and the economic uncertainty that they cause are going into the investment and hiring decisions of businessmen and women today."
The country's economic recovery is too fragile to not extend all the tax cuts, Hatch said.
"Here we are with a fragile recovery and a weak jobs market. President Obama seems content to sit idly by and allow this scheduled 4.5-trillion tax hike to occur," Hatch said. "I believe Congress needs to act now to prevent this tax hike on America's families and job creators."
Hatch's amendment falls in line with Republican objections to Obama's desire to extend some but not all of the tax cuts. Earlier on Tuesday, Senate Minority Leader Mitch McConnellMitch McConnellStates sue to block last-minute Obama environmental rule GOP senators introducing ObamaCare replacement Monday Senators introduce dueling miners bills MORE (R-Ky.) said that the tax cuts for all income levels should be extended. House Speaker John BoehnerJohn BoehnerTop aide: Obama worried about impeachment for Syria actions An anti-government ideologue like Mulvaney shouldn't run OMB Boehner endorses DeVos for Education secretary MORE (R-Ohio) also wants all the tax cuts extended.
"If we allow this tax relief to expire as scheduled at the end of the year, almost every federal income tax payer in America will see an increase in their rates," Hatch continued. "Our economy simply cannot afford to take on such a fiscal shock."
—This story was updated at 6:28 p.m.
Read the amendment below: