Republicans lead House in passing 20% business tax break
WASHINGTON -- Despite a veto threat from President Obama, the House approved a business tax break that critics say would add $46 billion to the deficit and do little to create jobs.
The 20% break for companies with fewer than 500 employees drew overwhelming support from Republicans as a boost to the economy, but was attacked by Democrats as favoring wealthier business owners, celebrities and sports teams. The vote was 235-173.
The showdown comes after Republicans earlier this week in the Senate shot down Obama’s proposed “Buffett rule” for taxing millionaires, and reflects the parties’ competing visions for how best to address the nation’s fiscal and economic issues heading to the fall election.
Even with passage, the legislation’s future is dim, as it is likely to die in the Senate where Democrats have alternative business tax measures in mind.
lisa.mascaro@latimes.com
