Congress should renew the Bush tax cuts to help create jobs, Sen. Jon Kyl (R-Ariz.) said Saturday morning.
If no action is taken, the tax cuts will expire in December. President Barack ObamaBarack ObamaTrump team did background check on Flynn, knew of Turkey ties: report Trump: 'I couldn't care less about golf' Top Obama official to replace Chris Dodd as MPAA head MORE and his Democratic allies support extending those tax cuts only for Americans making less than $250,000 a year.
"Under current law, unless Congress acts, taxes will rise dramatically on December 31st," Kyl said in the weekly GOP address. "Taxes will increase on families with children, on married couples, on income, on capital gains and dividends, and even after death. It comes to a total of $2 trillion in new taxes over the next 10 years."
Kyl said extending those tax cuts and reining in spending are the best way to create jobs.
"If we do these two things, private businesses and American families will be able to save, invest, and plan for the future," he said.
The Arizona Republican belittled Democrats' job proposals, which he claimed do little to address the unemployment rate.
"Recognizing that their $1.2 trillion stimulus has failed and in a frantic, election-year push, Democrats in Congress are labeling every bill they bring up as a ‘jobs’ bill. Most are just more government spending, leading to higher deficits and more debt—and very few jobs," he said.