The House on April 19 passed legislation that would grant a 20-percent tax cut to small businesses with up to 500 employees. Introduced by House Majority Leader Eric Cantor, R-Va., the Small Business Tax Cut Bill (HR 9) drew bipartisan support and passed the House by a vote of 235 to 173. The measure faces a veto threat from President Obama and is unlikely to get a vote in the Democrat-controlled Senate.
Lawmakers used the measure to debate the political differences between the parties, including their stances on deficit reduction, tax reform, job creation, middle-class tax relief and entitlement reform. The one-year measure, which did not include a revenue offset, would cost $46 billion in 2013.
By Stephen K. Cooper, CCH News Staff
Ways and Means Press Release: Chairman Dave Camp Floor Statement on HR 9, the Small Business Tax Cut Act
Ways and Means Press Release: Levin Floor Statement on GOP Tax Cut Giveaway to Wealthy