House Republicans Aim to Cut Small Business Taxes 20 Percent

(Image Credit: Evan Vucci/AP Photo)

House Majority Leader Eric Cantor sent a memo to House Republicans today, discussing the priorities of the GOP's legislative agenda for the next three months, headlined by an attempt to pass a 20 percent tax cut for businesses that employ less than 500 people.

"We will introduce a small business tax cut this March," Cantor, R-Va., announced today. "Our pro-growth proposal will provide every small business that employs fewer than 500 people with a 20 percent deduction, helping them retain and create new jobs. I hope every Democrat will join us in passing the small business tax cut by April 15."

Cantor outlined the first quarter of GOP's 2012 legislative agenda, which he said builds off of The House Republican Plan for America's Job Creators released last May.

"Our plan, which we will continue to build on throughout the year, is focused on helping small businesses grow and giving all hardworking taxpayers a fair shot and an opportunity to succeed," Cantor said. "Americans know the president's policies have not made the economy better and they're ready to try something new."

Cantor said that House Republicans have "certainly" made a difference during their time in the majority, but he acknowledged that they have not done enough.

"We represent one half of one third of the federal government," Cantor wrote. "It has been our collective goal, therefore, to stop the job-inhibiting policies of the White House and Democratic-controlled Senate from taking place, change the explosive direction of spending in Washington, and find areas of common ground to help create an environment for economic growth."

Other than the small business tax cut, Cantor emphasized a desire to maximize American energy production through the American Energy and Infrastructure Jobs Act, which was introduced Tuesday. That bill is scheduled for floor consideration the week of February 13, although current appropriations don't run out until March 31.

The Virginia Republican also said the Republican agenda will aim to pay down the country's debt and implement reforms to the country's budget process as they work towards passing a budget at the end of March.

Cantor said that the House will consider a series of bills "that fundamentally change score-keeping in Washington" and he noted that Rep. Paul Ryan, the chairman of the Budget committee, is crafting "a fiscally responsible blueprint that builds upon last year's budget and honestly addresses the government's $15 trillion plus debt."

"President Obama has had three years to try and fix the economy and create jobs. Unfortunately, his polices haven't worked," he wrote. "It's time for something new and I look forward to proposing our vision with you that cuts taxes and regulations on small businesses and gives every hardworking taxpayer a fair shot at success."