Senate Republicans on Thursday blocked a Democratic proposal for a small business tax cut.
Voting 53-44, the Senate rejected a package of tax credits for small businesses designed to incentivize investments and the hiring of new employees. Democrat Joe Manchin of West Virginia broke ranks with his party to oppose the bill, while Republican Scott Brown of Massachusetts did the same by voting for it.
The bill had already stalled on Wednesday after GOP senators attempted to attach amendments to it, but its defeat on Thursday was more definitive. Prior to the failed vote, the Senate rejected a House-passed small business bill authored by Rep. Eric Cantor, R-Va., by a strong margin of 73-24.
Senate Majority Leader Harry Reid, D-Nev., said Republicans clocked "a common-sense proposal that provided small businesses with two tax cuts designed to create jobs."
"Unfortunately, Republicans played their usual games of obstruction and opposition. There was simply no reason to oppose this bill on the merits, so Republicans manufactured reasons to kill it out of thin air," Reid said. "Republicans claimed they wanted amendment votes, but refused to take 'yes' for an answer when I offered them votes on those very amendments."
The $28 billion Small Business Jobs and Tax Relief Act would have established a 10 percent tax credit for businesses who hire new employees or provide raises to current employees, as well as providing more credits for business that invest in capital equipment. Democrats said the bill would have benefited 2 million businesses and created a million new jobs. The plan was first proposed by Obama last year.
by RTT Staff Writer
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