Senate Dems want tax cuts for businesses that hireDemocrats began trying to push a bill through the Senate Tuesday slicing taxes for businesses that hire new workers and buy major new equipment. They ran straight into opposition from Republicans who complained that the measure was too timid and sought to refocus the debate on their own economic priorities.As soon as debate began, Sen. Orrin Hatch, R-Utah, said he would offer an amendment extending for another year broad tax cuts for millions of Americans that expire in January, including for the wealthiest earners. President Barack Obama and Democratic leaders want to renew them only for families earning up to $250,000 — a cutoff that Democrats say would force the rich to contribute to deficit reduction but Republicans say would stifle job creation."I remain amazed that the Democratic majority has decided to pursue this bill to support small businesses, when looming tax increases threaten to crush these same small businesses," Hatch said."It’s just like asking to go into a deeper recession," he added of the tax increases that will hit unless Congress acts. "It’s like saying we don’t care."Photo Credit: (newscitybuzz.com)

Senate Dems want tax cuts for businesses that hire

Democrats began trying to push a bill through the Senate Tuesday slicing taxes for businesses that hire new workers and buy major new equipment. They ran straight into opposition from Republicans who complained that the measure was too timid and sought to refocus the debate on their own economic priorities.

As soon as debate began, Sen. Orrin Hatch, R-Utah, said he would offer an amendment extending for another year broad tax cuts for millions of Americans that expire in January, including for the wealthiest earners. President Barack Obama and Democratic leaders want to renew them only for families earning up to $250,000 — a cutoff that Democrats say would force the rich to contribute to deficit reduction but Republicans say would stifle job creation.

"I remain amazed that the Democratic majority has decided to pursue this bill to support small businesses, when looming tax increases threaten to crush these same small businesses," Hatch said.

"It’s just like asking to go into a deeper recession," he added of the tax increases that will hit unless Congress acts. "It’s like saying we don’t care."

Photo Credit: (newscitybuzz.com)