White House threatens to veto Cantor’s small business tax cut

Townhall.com Staff

4/17/2012 5:41:00 PM - Townhall.com Staff

The White House has threatened to veto a small business tax cut bill being pushed by House Majority Leader Eric Cantor (R-Va.), calling it a $46 billion "giveaway" to the "most fortunate."

In a lengthy policy statement, the White House blasted the 20 percent cut to companies with less than 500 employees as a salve to high-priced lawyers, consultants and "other wealthy individuals and corporations with the biggest profits."

It cited independent analysis that found nearly half of the benefit from the bill would to go to taxpayers making more than $1 million a year, adding that it would benefit the wealthiest of those who would qualify.