JEFFERSON CITY — Two U.S. senators are proposing legislation to cut payroll taxes, boost transportation funding and restrict regulations.
Sens. Claire McCaskill, a Democrat from Missouri, 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.
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.