House Of Representatives, Small Business | featured news

The Republican-controlled U.S. House of Representatives on Thursday passed a tax break for small businesses, giving voters a stark alternative to President Barack Obama's politically popular "Buffett Rule" surtax on the wealthy.

The White House is threatening to veto an effort by House Republicans to cut taxes for millions of smaller businesses, calling it an unproductive giveaway to many of the country's most profitable companies.

The measure's passage ends months of partisan delay. The wait for action was agonizing for small-business owners, many of whom have been seeking loans for months in the tight credit market. Ending months of partisan delay, the House gave final passage Thursday to a small-business tax and lending assistance bill, handing Democrats a legislative victory on the economic issues central to the midterm elections.