The Hill: House GOP announces jobs plan focused on cutting regs, taxes

[flpoljunkie]

This is not a jobs bill. This is a wish list for their corporate paymasters, i.e., the Koch brothers. It will not create jobs, but would roll back and/or eliminate crucial environmental, labor and healthcare regulations.

House GOP announces jobs plan focused on cutting regs, taxes
By Erik Wasson
08/29/11

House Majority Leader Eric Cantor (R-Va.) on Monday laid out an ambitious anti-tax and regulations agenda for the fall.

In a memo to rank-and-file Republicans, Cantor said the House will target 10 major regulations for elimination, and will also seek to enact one major tax cut for businesses.

The more far-reaching tax proposal outlined in Cantor’s memo would allow small business owners to deduct 20 percent of their income from their taxes.

This proposal is being offered as a contrast to the Obama administration effort to raise taxes on individuals making more than $200,000 per year. Many small businesses file taxes as individuals.

The 10 regulations targeted in the memo were identified by committee chairmen as the most harmful to the economy. The majority are issued by the Environmental Protection Agency, but labor and healthcare rules are also targeted.

more...

http://thehill.com/blogs/on-the-money/domestic-taxes/178549-house-gop-announces-jobs-plan-focused-on-cuttings-regs-taxes

[LiberalFighter]

1. Anyone know the tax implications currently for small businesses that file as individuals?

[flpoljunkie]

3. Not sure what you mean, but less than 2% of small businesses have taxable income of $250,000.

Of course you won't hear that from the Republicans.

http://www.cbpp.org/files/8-29-08tax.pdf

Only 1.9 percent of taxpayers with small-business income face either of the top two income tax rates. Thus, allowing the 2001 reductions in these rates to expire as scheduled in 2010 would not affect most small-business owners. Strengthening the Earned Income Tax Credit could help more than seven times as many small businesses as extending the reductions in the top rates.

[Cali_Democrat]

2. So companies sitting on records profits and loads of cash will get even more money in their coffers

through tax cuts and this time they will finally start hiring?

Riiiiight.

[flpoljunkie]

4. That's about the size of it.