House GOP Forms Tax Plans for Now, Later

House Republicans are figuring out their strategy to push for both long-term tax reform and tax cuts that can boost the economy and hiring quickly. Last week, House Majority Leader Eric Cantor offered a plan that includes a 20 percent deduction for small businesses, The Hill reports.

House Ways and Means Committee Chairman Dave Camp agrees with the idea. But so far he has put the kibosh on other tax proposals favored by many Republicans, such as a corporate tax holiday for overseas profits, because he wants to focus on tax reform.

“All House Republicans share the goal of broad, pro-growth tax reform that broadens the base and lowers the rates,” said Cantor spokesman Brad Dayspring. “That takes time, and with America facing a jobs crisis, the small business tax relief is something we can do in the interim to grow the economy and jobs.”