Free Lance-Star reporter Chelyen Davis covers Virginia government.
Cantor talks business tax breaks in Richmond
House Majority Leader Rep. Eric Cantor, R-7th, spent Tuesday afternoon talking up a Republican plan to cut business taxes.
Cantor visited several businesses in the Libbie/Grove area of Richmond, discussing a bill passed already by the House of Representatives that would let small businesses take a tax deduction equal to 20 percent of their business income. The deduction would apply to businesses with fewer than 500 employees, and could be used by any such business, regardless of whether it’s organized as a pass-through or a corporation. There’s more on that bill here: http://fredericksburg.com/News/FLS/2012/032012/03252012/690574
Cantor said the bill is now sitting in the Democrat-led Senate, which he said is “resistant to helping small business.”
The bill, he said, is “well-received by business owners.”
Cantor last week put out the House’s summer schedule, a list of bills largely relating to business, the economy, energy and government regulations.
Those are the things he said will also be big issues in this fall’s elections, when the president, some senators and all House members will be on the ballot.
“The election is very much going to turn on business and the economy,” Cantor said. “I feel confident we’ll do well in the House.”