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Senate rejects GOP business tax cut bill, likely defeat looms for rival Democratic measure
WASHINGTON (AP) The Senate has rejected a Republican bill that would cut taxes for all U.S. companies that have fewer than 500 employees.
After Thursday's 73-24 vote, senators planned to vote on a Democratic measure providing tax breaks to companies that enlarge their payrolls or make major purchases or plant improvements. It, too, seemed certain to lose.
The votes were being held during a campaign season in which neither party wants to give ground in the struggle over how to best spark the economy.
The Republican measure would give 20 percent tax deductions to companies with less than 500 workers which account for more than 99 percent of all U.S. firms. It has been approved by the GOP-run House, but the White House has threatened it would be vetoed.