WASHINGTON (AP) -- Democrats want to push tax cuts through the Senate for companies that hire people, give raises or buy major equipment this year.
With neither party eager to let the other claim campaign-season legislative victories, the proposal's ultimate fate is dubious. Senate debate was to begin Tuesday.
The Democratic plan would give 10 percent tax credits to companies for the amount by which their 2012 payrolls exceed last year's salaries, for hiring new workers or for giving raises to current employees. The maximum credit would be $500,000.
It would let companies deduct the full amount of major purchases, such as machinery, from their tax bills this year. That deduction would otherwise be 50 percent.
On Monday, President Barack Obama proposed broad tax cuts for everyone but the highest earners.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus