WASHINGTON, April 19 (UPI) -- The U.S. House, voting mostly along party lines Thursday, approved a small business tax cut the White House has already said it will veto.
The bill, which would provide a 20 percent tax cut to businesses with under 500 employees, was derided by White House advisers as a $46 billion "giveaway."
It passed by a 235-173 vote, with 18 Democrats voting in favor and 10 Republicans in opposition, The Hill reported.
"The essence of supply side economics, the centrality issue on taxes is the reduction of marginal (tax) rates," said the bill's main sponsor, Majority Leader Eric Cantor, R-Va. "That's exactly what this does. Does it provide it for long enough? Does it provide permanency? No."
Republicans promised the bill would create at least 39,000 jobs. Rep. Sandy Levin, D-Mich., said that would break down to a cost of $1.1 million per job.
"It fails all tests of sound tax policy," Levin said.
With the threat of a veto hanging over it, the bill is likely to amount to little more than election year fodder, the newspaper said.
