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Republicans said it wouldn't go far enough, and have called for more dramatic legislation preventing income tax rates from rising in January on all earners and avoiding a steep increase in taxes on estates and businesses that family members inherit. Overall, the measure had a 10-year price tag of $29 billion. The GOP plan was approved by the Republican-run House in April and would cost $46 billion. It would give 20 percent tax deductions to all businesses with fewer than 500 workers
-- a figure that Census Bureau data shows covers more than 99 percent of all American firms. On the other hand, companies with fewer than 500 workers employ just over half the nation's 121 million workers, the census numbers showed. Republicans argue that cutting their taxes would free up more money to hire people. Democrats said that because the GOP bill's tax cuts were only based on the number of workers, many of the reductions would end up going to hedge funds and other profitable companies that don't need tax relief at a time of huge federal deficits.
[Associated
Press;
Copyright 2012 The Associated
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