GOP Preparing Business Tax Cut for House Vote

By: The Associated Press
By: The Associated Press

Republicans are ready to push a tax cut for nearly all the nation's employers through the House, ignoring a veto threat from President Barack Obama in order to make an election-year statement about their priorities.

The bill was ensured of passage in the GOP-run House, where Republicans say the measure will spur new jobs. It is just as certain to be ignored in the Democratic-led Senate, with Democrats calling it a giveaway that won't require companies to hire a single worker.

The bill is sponsored by House Majority Leader Eric Cantor. It would provide a 20 percent tax deduction to companies with fewer than 500 employees for one year, costing the government $46 billion in lost revenue.

Obama has proposed narrower tax breaks to companies that expand their payrolls.

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