House GOP bill would cut small business taxes
House Republicans plan to introduce legislation next month cutting small business taxes by 20 percent as the GOP steps up its election-year competition with President Barack Obama over which party is doing the most to create jobs.
House Majority Leader Eric Cantor says the tax cut would apply to every business with fewer than 500 employees. An aide said no decisions had been made yet about the bill's price tag, how long the tax reduction would last and other details.
Cantor described the plan in a memo to House GOP lawmakers. He 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.
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