From my present vantage point, I view this as political posturing. None of it will actually happen. ~J
by Michael McAuliff at Huffington Post
Posted: 04/17/2012 6:59 pm
Updated: 04/17/2012 7:08 pm
WASHINGTON — In the second major shot in Washington’s ideological battle over taxes this week, the White House on Tuesday slammed a small-business tax-cut proposal in the House as a handout for the “fortunate” and threatened to veto it.
The Small Business Tax Cut Act of 2012, sponsored by House Majority Leader Eric Cantor (R-Va.), would slash taxes on the adjusted gross income of as many as 22 million small businesses — those with fewer than 500 employees — by as much as 20 percent for one year. It would add $46 billion to the deficit.
The House is set to consider the bill on Thursday. On Monday, Senate Republicans blocked the Buffett Rule, a measure from the ideological opposite end of the spectrum, which aimed to ensure that multimillionaires and billionaires paid at least a 30 percent tax rate.
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- Cantor: Obama wants to ‘micro-manage’ small businesses (thehill.com)
- Preview of dueling tax votes (politico.com)
- ‘Buffett rule’ tax plan fails to advance in Senate (sfgate.com)
- Why Eric Cantor’s $46 Billion Tax Boondoggle Will Cause A Real Headache For Small Businesses (thinkprogress.org)
- Rep. Eric Cantor proposes H.R. 9: Small business identity theft disguised as a tax break (washingtonpolicywatch.org)