House Republicans plan legislation that would grant small businesses a 20 percent tax reduction, a GOP leader noted on February 2, as the party is looking to create job opportunities to compete with President Barack Obama during the election year, The Associated Press reported.
The proposed tax cut would apply to every company with less than 500 employees, House Majority Leader Eric Cantor (R-Va.) said in a memo released to the press.
According to the news outlet, the bill will be introduced next month, but an aide noted that no decisions have been made about its price tag, the length of the period when the tax reduction would last and other details.
The AP reported that Cantor emphasized that the GOP proposal would help small businesses “retain and create new jobs” and set a date for when the bill should be approved, as federal income taxes are due in mid-April.
“I hope every Democrat will join us in passing the small business tax cut by April 15,” Cantor said.
POLITICO reported that Cantor also spoke about the highway and infrastructure bill, which he noted was a hallmark of the House Republicans’ job strategy, and said it will hit the floor the week of February 13.