Expiring Tax Relief

Statement

Many Kansans might not realize that at the end of this year - just five months away - they will receive a steep tax hike unless Congress acts soon. The tax relief put in place in 2001 will expire at the end of 2010 and will result in a higher tax bill for Kansans. I support extending this relief and making it permanent.

At a time of economic uncertainty and little job creation, we cannot afford to let these pro-growth tax policies expire, including lower income tax rates for all taxpayers and lower tax rates on capital gains and dividends. Small businesses create at least 70% of new jobs and they'd be hit especially hard if the top two income tax rates increase next year. Small businesses in these tax brackets could see their taxes increase by at least 17%. We should not be creating further disincentives to encourage small businesses to grow and expand and create jobs.

Already Kansans are tightening their belts and doing more with less, and allowing this tax relief to expire gives no incentive to work, save and take on new risk. I have consistently supported efforts to reduce the tax burden on Kansans to allow them to keep more of their hard-earned dollars. I believe the tax relief from 2001 allows Kansans to spend money where they see fit, which will create jobs and grow the economy at a time of slow growth. It "s troubling to ask many Americans to stomach a higher tax bill at a time of high unemployment and a weak economy. I will do all I can in the Senate to stop the tax hikes coming at the end of this year.

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