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House Gop Bill Would Cut Small Business Taxes


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WASHINGTON (AP) - House Republicans plan legislation granting small businesses a 20 percent tax deduction, a GOP leader said Wednesday, as the party stepped up its election-year competition with President Barack Obama over who is doing the most to create jobs.

The tax cut would apply to every business with fewer than 500 employees, House Majority Leader Eric Cantor, R-Va., said in a memo released to reporters.

The bill is to be introduced next month. An aide said no decisions have been made about its price tag, how long the tax reduction would last and other details.

A deduction is an amount taxpayers can deduct from their income before they determine how much they owe in taxes.

Cantor announced the proposal a day after Obama said lawmakers should quickly enact his own menu of tax breaks for small businesses, including some GOP-written measures that have already started moving in Congress.

Illustrating the political stakes involved, Cantor emphasized that the GOP proposal would help small businesses "retain and create new jobs" and set a symbolic goal of approving the bill by mid-April, when federal income taxes are due.

"I hope every Democrat will join us in passing the small business tax cut by April 15," he said.



Good luck...

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