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RECENT VOTESTax PolicyOn April 19, 2012, the House considered H.R. 9: All Business Tax Act. This bill gives a 20% tax cut to all businesses with less than 500 employees. This represents 99.6% of all businesses in the country. It applies for one year, and in just that one year, adds $46 billion to the deficit. This bill certainly digs the deficit hole even deeper. To make matters worse, H.R 9 is not targeted in any way and contains no requirements relating to job creation. In its analysis of the bill, Congress' nonpartisan Joint Committee on Taxation stated that the impact of this bill on the economy would be "so small as to be incalculable." It's just another tax cut, with almost half of the benefits going to individuals earning more than $1 million a year. Because H.R. 9 applies to all businesses with less than 500 employees, sports teams and movie stars would get the tax cut, as well as countless companies already making huge profits. I voted NO. H.R. 9 passed and the entire vote is recorded below:
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