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Republicans Sound Warning Over Expiration of Bush Tax Cuts


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Fox News:

With the economy still sputtering, Republicans are drawing renewed attention to the looming expiration of Bush-era tax cuts and warning that the rollback will "clobber" everyone from small business owners to middle-class families.

Though the tax cuts passed by Congress with the encouragement of former President George W. Bush are often described as a boon for the wealthy, the changes passed in 2001 and 2003 lowered taxes for every income bracket.

Democrats have pledged to shield middle-class taxpayers from the Dec. 31 expiration though no action has been taken yet. Democratic leaders reportedly have suggested holding off taking up extending the cuts until after the November election and a report released by President Obama's debt commission.

To allow the expiration would be devastating, says Senate Minority Whip Jon Kyl.

"That's going to be a huge hit to the economy," Kyl, R-Ariz., told "Fox News Sunday."

Asked where Congress is going to find the hundreds of billions of dollars it would take to finance a continuation of the cuts, Kyl said it's not a matter of finding more dollars for spending that hasn't occurred yet.

"You should never raise taxes in order to cut taxes," he said.

Kyl won't get anywhere in Washington with his argument. It makes too much sense.
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