Political Quotes

“Mr. Speaker, I offer an amendment in the nature of a substitute. The SPEAKER pro tempore. The Clerk will designate the amendment. The text of the amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the ``Small Business Tax Cut Act''. SEC. 2. DEDUCTION FOR DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESSES. (a) In General.--Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: ``SEC. 200. DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESSES. ``(a) Allowance of Deduction.--In the case of a qualified small business, there shall be allowed as a deduction an amount equal to 20 percent of the lesser of-- ``(1) the qualified domestic business income of the taxpayer for the taxable year, or ``(2) taxable income (determined without regard to this section) for the taxable year. ``(b) Deduction Limited Based on Wages Paid.-- ``(1) In general.--The amount of the deduction allowable under subsection (a) for any taxable year shall not exceed 50 percent of the greater of-- ``(A) the W 2 wages of the taxpayer paid to non-owners, or ``(B) the sum of-- ``(i) the W 2 wages of the taxpayer paid to individuals who are non-owner family members of direct owners, plus ``(ii) any W 2 wages of the taxpayer paid to 10-percent-or- less direct owners.…”