By Vicki Needham - 07/30/10 11:02 PM EDT
Levin argued that bill would be good for small business and would reduce tax incentives that encourage multinational companies to ship jobs overseas. He said it also closes an "egregious loophole in the gift tax the grantor retained annuity trust that is only available for extremely wealthy individuals."
The bill provides an opportunity to "stand up for millions of Americans and small business or keep a tax loophole and side with companies that ship jobs overseas."
Earlier today, Ways and Means ranking member Dave Camp (R-Mich.) said in his 20 years in office, he hadn't "seen a more disappointing time for this House" in regards to the process.
Republicans questioned the offset for the bill that would raise about $19 billion by closing those tax loopholes.
Camp preferred a GOP bill that would've repealed the 1099 requirement provision and paid for it by reining in subsidy overpayments related to the new healthcare law.
Camp called the Democrats' bill "a missed opportunity to fix a fundamental flaw in the healthcare law" and help American employers provide jobs."