GOP Plans To Cut Taxes and Regulations in Winter session

by

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: