Wed July 11, 2012
Candidates in Illinois' 17th Congressional District discuss tax breaks
The two candidates are echoing thoughts from their respective parties when it comes to the Bush-era tax cuts.
President Obama this week called on Congress to keep in place the tax cuts for those earning less than $250,000 a year. He says federal tax cuts for those making more than that should be allowed to expire. Republican Bobby Schilling, who represents the current 17th district, says that's the wrong way to go.
"I believe the more money you take from the job creator, the less opportunity they're going to have to either hire or expand their business" Schilling said.
Schilling says Congress needs to focus on cutting wasteful spending and reducing regulatory hurdles for businesses.
His opponent, Democrat Cheri Bustos, says wealthy Americans don't need any extra help.
"I think the millionaires and billionaires don't need a tax cut. They're not hurt in this economy like those who are middle class, working families" Bustos said.
However, Bustos agrees with some in the Democratic party that the tax cut threshold should be bumped to $1-million. She says she worries about hurting small business owners and farmers in 17th district.