SPRINGFIELD -- Senate candidate Alexi Giannoulias is proposing tax cuts and credits that he says would help the economy.

He wants to pay for it by increasing taxes on some companies doing business overseas. He says the current system encourages companies to send jobs overseas.

Giannoulias on Monday proposed extending the $8,000 tax credit for first-time homebuyers. It expires in December, but the Democratic candidate wants it for another year.

He also wants a break on payroll taxes for individuals making up to $75,000. He says it would save families $125 a month.

Small businesses would also get a break on payroll taxes for each job they create.

Giannoulias estimates these measures would cut government revenue by about $200 billion in 10 years.