U.S. Sen. Saxby Chambliss, R-Ga., today announced he has co-sponsored legislation that would prevent the Obama tax increases from going into effect at the end of the year.

“I believe raising taxes on individuals, families, small businesses – especially in this economic climate – is a bad idea,” said Chambliss. “Congress should work to reduce spending, rather than raising taxes on the backs of hardworking Americans. The public is not under-taxed; the government is overspending.”

The legislation, introduced by Sen. Mitch McConnell, R-Ky., would extend tax-relief measures passed by Congress in 2001 and 2003, which are set to expire at the end of this year. Specifically, it would preserve the tax rates established in 2001 and 2003, preventing the tax rates from rising to nearly 40 percent. Additionally, the legislation would continue the marriage-penalty relief and would continue the child tax credit at $1,000 per child, rather than allowing it to fall to $500 per child.

The legislation also includes provisions that will prevent more than 26 million American families from paying higher taxes under the Alternative Minimum Tax, and would reset the estate tax to 35 percent, rather than 55 percent.