GOP Plans To Cut Taxes and Regulations in Winter session


Eric Cantor the House Majority Leader plans to introduce legislation to eliminate 10 major regulations and approve some major small business tax cuts.

The proposed legislation intends to allow small business owners to take a deduction equal to 20% of their income from their taxes.  This is intended to free up funds for small businesses and make more cash available for hiring new employees and reinvesting in their businesses.

One of the regulations the GOP plans to eliminate is the upcoming 3% withholding for contractors.  This law is set to being in 2013 and would require federal, state and local governments to withhold 3% of all government payments made to contractors in excess of $100 Million.

To see the full proposal click here.


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