By Jay Heflin - 07/20/10 01:30 PM EDT
“If the Post is worried that extending the top two tax rates would ‘cost’ the government $678 billion, shouldn’t it also worry that extending all of the other tax rates and provisions would ‘cost’ $1.2 trillion?” Kyl wrote. “Surely, the Post wasn’t suggesting we raise other taxes by $1.2 trillion just to keep current tax rates where they are today.”
The Post editorial noted that most Senate Republicans oppose extending unemployment insurance unless its roughly $35 billion cost is offset, but they support extending tax cuts for the wealthy without paying for its $678 billion cost.
The article also blasted Kyl for his recent interview on “Fox News Sunday” where he stated that tax increases on the wealthy would also hit small-business owners.
“Eventually, Mr. Kyl trotted out the tired and unsubstantiated argument that the tax cuts for the wealthy must be extended because otherwise ‘you’re going to clobber small businesses,’“ the editorial stated.
Kyl used his post today to fire back at this statement.
“[Facts] are stubborn things,” he wrote. “Small businesses generated roughly 64 percent of net new jobs in the past 15 years. Of the almost 120 million private-sector workers in the United States, slightly more than half work for small businesses. So if we’re trying to promote economic policies that create jobs, why raise taxes on the job creators?”
Kyl highlighted a recent report from the congressional Joint Committee on Taxation that stated half of all income reported by individuals in the top two tax brackets is business income.
“These are the small businesses that are successful enough to employ other hardworking Americans,” Kyl wrote. “With the unemployment rate hovering near double digits, I suggest the Post spend less time demonizing the supposed ‘wealthy’ and more time discussing ways to get Americans back to work.”