Kyl's Suggestion for Helping Small Businesses -- Keep the Tax Rates Where They Are
By Heather Monday Feb 15, 2010 10:30am
Sen. Jon Kyl is asked by Candy Crowley how Republicans can object to the tax cuts for small businesses in the jobs bill Harry Reid is proposing and no shock here, Kyl objects to the proposals and thinks instead the solution is to keep the tax rates where they're at and don't increase them. That doesn't sound like anything that targets small businesses to me.
Although Kyl is claiming he's concerned for small businesses I would imagine he's much more upset about losing what the bill that came out of the Finance Committee would have done for big business instead.
The K Street Kickback: The Giveaway That Reid Stripped From The Jobs Bill:
The GOP is outraged that Senate Majority Leader Harry Reid (D-Nev.) spiked the bipartisan jobs bill unveiled on Thursday, dropping some of its major provisions. But what exactly was cut from the bill that made them so angry -- was it the loss of the COBRA subsidies or the unemployment extension?
No, it was the K Street Kickback, which extends huge tax credits to large corporations. Unlike the Louisiana Purchase or the Cornhusker Kickback, which won the support of Sens. Mary Landrieu (D-La.) and Ben Nelson (D-Neb.) for the health care reform bill, the K Street payoff is counted in the tens of billions of dollars, rather than a few hundred million. While Democratic senators come cheap, getting Republicans to buy into a jobs bill seems to cost taxpayers serious money.
One of the top priorities of Big Business lobbyists is the "tax extender" issue, the extension of expiring tax credits worth tens of billions of dollars to major corporations, which is favored by Republicans. Read on...
Transcript below the fold via CNN.







