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Fri July 8, 2011
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Gillibrand: Tax Breaks For Businesses, Not CEO's

Oswego, NY – New York Democratic Senator Kirsten Gillibrand says she believes Congress will get an agreement to raise the debt ceiling done by the August 2 deadline.

As WRVO's Joyce Gramza reports, Gillibrand wants tax relief for businesses and not millionaires on the table.

The U.S Senate will debate Monday on a resolution calling on millionaires to pay a fair share to reduce the deficit as part of any agreement on raising the debt ceiling.

New York Senator Kirsten Gillibrand, who co-sponsored the non-binding resolution, favors ending the 2001 Bush tax cuts on those earning a million dollars or more a year. She says that maintains the tax cut for most small businesses.

At the same time, Gillibrand introduced legislation to give tax credits to business that create jobs. It would offer a tax break worth 15 percent of the payroll cost of each new job. For small businesses the credit would be 20 percent. She says the measure could help to generate 700,000 new jobs.

Gillibrand says ending the tax cut for millionaires would save the country 22 billion dollars a year.