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McCaskill proposes bill designed to boost jobs

McCaskillCollinspayrolltaxDec62011FlickrSenator_McCaskill.jpg
(via Flickr/Senator McCaskill)
Sens. Claire McCaskill, D-Mo. (at right) and Susan Collins, R-Maine announce their legislation to cut payroll taxes, boost transportation funding and restrict regulation.

Two U.S. senators are proposing legislation to cut payroll taxes, boost transportation funding and restrict regulation.

Missouri Democrat Sen. Claire McCaskill and Susan Collins, a Republican from Maine, on Tuesday announced their proposed legislation.

The federal lawmakers say the legislation will boost jobs. They also called it an example of what bipartisanship can produce.

"This is basically putting a stake in the ground and saying Washington can still work," McCaskill said. "That there can be two people of different parties compromise and come together on a bill that is responsible, it is thoughtful, it will work and we believe can gain additional bipartisan support."
 

The legislation includes extending a payroll tax cut through 2012 and creating a tax credit for investments into high-tech small businesses. It also would add $25 billion for highways and bridges, and require federal agencies to analyze the costs and benefits of proposed regulations.

The lawmakers proposed a 2 percent surtax for people earning more than $1 million annually and the elimination of some tax breaks for oil companies.

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