Forgot your account information?  |  Create a CME account

House approves US tax cut

Published by Steve Coleman on April 19, 2012

The House approved legislation today that would cut taxes on small business by 20 per cent.

The vote was the culmination of a tax battle that both parties waged in the same week that millions of Americans filed their personal income tax returns. But while House Republicans passed their tax proposal, Senate Democrats failed to get enough votes to proceed on their plan to require a minimum tax on high-income earners, a version of the so-called "Buffet Rule."

Though House Republicans were able to push their bill through, neither that bill nor the Buffet Rule bill are expected to become law, essentially making both measures talking points for the fall election.

Republicans said their vision of tax reform - rather than the tax hike Democrats proposed on the rich - was closer to what voters want to see. Under the bill, companies with less than 500 employees could get a 20 pe rcent tax break, but only for a year. House GOP leader Cantor said that while this is not a perfect solution, it's as close as Congress can get given the divide over taxes.

Found in: news

National Office

Alberta British Columbia
Manitoba New Brunswick
Newfoundland & Labrador Nova Scotia
Ontario Québec
Prince Edward Island Saskatchewan