The White House is threatening to veto an effort by House Republicans to cut taxes for millions of smaller businesses, calling it an unproductive giveaway to many of the country’s most profitable companies.
The veto threat was issued Tuesday, two days before the GOP-run House is expected to approve the measure. Even without the veto threat, passage was expected to be symbolic because the bill is certain to die in the Democratic-led Senate.
The legislation by House Majority Leader Eric Cantor would provide a 20 percent tax deduction to most businesses with fewer than 500 employees, covering 99.9 percent of U.S. companies.
Read More at OfficialWire. By Associated Press.