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House Passes Small Business Tax Credit
April 23, 2012
The U.S. House of Representatives voted 235-173 in favor of the Small Business Tax Cut Act last week, which reportedly would cut $46 billion in taxes for American employers and help small businesses keep more of their money. The measure would let employers with fewer than 500 workers deduct 20 percent of their domestic earnings this year, a calculation that would let businesses show a smaller income before determining the taxes they owe. The White House has threatened to veto the measure, which now moves to the Senate.
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