At Wednesday’s Ways and Means markup, Rep. Xavier BecerraXavier BecerraBecerra fires back: 'We're not in the business of deportation' Sunday shows preview: Trump stares down 100-day mark House Hispanic PAC breaks fundraising record MORE (D-Calif.) also identified Larry Flynt, Donald TrumpDonald TrumpGOP senator: There will never be a full U.S.-Mexico border wall Bottom Line A win for the pollsters: French election predicted accurately MORE and abortion providers as among the potential beneficiaries of the GOP proposal. Rep. Sandy Levin (D-Mich.), the ranking member on Ways and Means, cited a Tax Policy Center analysis that said that those making north of $1 million would get 49 percent of the tax cut’s benefits.
Republicans have said the small-business tax cut, which has been championed by House Majority Leader Eric CantorEric CantorBrat: New ObamaCare repeal bill has 'significant' changes Overnight Energy: Flint lawmaker pushes EPA for new lead rule House staffer, Monsanto vet named to top Interior posts MORE (R-Va.), would give needed assistance to small businesses while policymakers work toward a comprehensive overhaul of the tax code.
GOP lawmakers have pushed a similar proposal in past years. But, unlike those measures, the current $46 billion legislation does not exempt financial services providers, country clubs and professional sports teams, among other industries.
Under the measure, which the House hopes to pass by around the mid-April tax deadline, eligible businesses would get to deduct 20 percent of their 2012 income, and the tax cut would be limited to 50 percent of a company’s W-2 wages.
Senate Democrats have unveiled their own small-business tax cut that would be available to companies that add payroll, either by bringing on new employees or offering raises to current workers.