The U.S. House has approved a tax cut measure for small businesses. That’s the good news. The bad news is that the legislation is expected to stall in the Senate and even if it emerges from Congress, President Barack Obama has threatened to veto it.
The legislation, of course, is greased in politics. The House approved the GOP-blessed bill along party lines, 253-173. It would be a one-year tax cut for companies with fewer than 500 employees. Republicans say it would boost job creation. It would be a 20 percent tax cut for their domestic business income, with the total limited to no more than half of the wages paid.
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