The GOP-controlled House has passed Eric Cantor’s small business tax break, a one-time relief of as much as 20 percent for small businesses with less than 500 employees. Republicans say the $46 billion tax deduction would boost the economy by freeing up cash that companies could use to hire workers, provide raises or invest in equipment.
The bill is sure to die in the Democrat-controlled Senate.
According to Bloomberg, Democrats say the tax cut will go to companies regardless of how profitable they are, what they sell or whether they are hiring.
With yesterday’s news that labor market improvements have stalled and news today that economic indicators across the board are shaky, Congress still appears deadest to avoid taking on anything serious until after the election. Do recent poll numbers that show voters think Romney is the go-to guy on the economy only confirm that people have become so cynical they have accepted that we have to wait until November to get the jobs market moving again?
"Real News" looks at today's economic snapshot and asks what will it take to get it moving past “incremental”? Also, panelists Will Cain and Matt McCall break down the real unemployment rate, that's even a dimmer picture than what we were told this week.
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