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Tax cuts approved under the Bush Administration will expire at the end of the year unless Congress intervenes. Republicans and Democrats disagree over which cuts to renew. KSMU's Missy Shelton has this report on what Senators Kit Bond and Claire McCasill have to say on the matter.
Missouri’s two U.S. senators have different views on how to handle the Bush-era tax cuts that are set to expire at the end of the year. Senator Kit Bond says allowing tax cuts to expire is essentially a tax increase. He says he and other Republicans have a message for the Democratic leadership.
Bond: “Deal with preventing the tax increases that are going to threaten jobs, our economy and ruin family budgets, as well as putting the transfer of family farms and small businesses at risk.”
Most Republicans have said they want to see all of the tax cuts continue. Many Democrats, including Senator Claire McCaskill say Congress should not renew tax breaks for the wealthiest Americans.
McCaskill: “We need to make sure we’re focused on small businesses and (the) middle class, not these guys at the very top of the ladder. That’s why I believe that we should let the tax cut for millionaires and above expire, have that go towards our very big problem of the deficit, and make the tax cut for the middle class become permanent.”
Bond also says lawmakers need to address the deficit, though he says that can be done by reigning in spending on certain entitlement programs.