Eric Cantor's Proposed Small Business Tax Cut Could Benefit Donald Trump, Oprah (PHOTOS)

House Majority Leader Eric Cantor (R-Va.) is advocating for a 20 percent tax deduction for all small businesses, which he says will help them create jobs despite the current economic climate.

The breadth of that proposal could lead to some surprising beneficiaries. The Small Business Administration defines a "small business" as one with fewer than 500 employees, regardless of income.

That means the bill, which has not yet been drafted, could give a helping hand to companies from Donald Trump's Trump Tower Sales & Leasing, which has 20 employees and annual sales of about $960,000, to adult film distributor Vivid Entertainment, which has 50 employees and makes a yearly estimated $5,000,000.

Cantor spokeswoman Laena Fallon told Roll Call that the proposal didn't include a revenue cap, but was still being refined:

“We still do not have legislative text but are cognizant of how this issue might relate to professional sports teams and the like,” she said. “The goal of the small-business tax cut is to provide relief for small businesses so that they can grow, expand and create new jobs.”

Cantor says he hopes the bill will be introduced by March and passed by April 15.

Here's a look at some businesses that could possibly receive aid under Cantor's current proposal:

Earlier on HuffPost:

Comments

[hotbarb2614]

07:51 PM on 02/23/2012

The GOP still doesn't get it, and they never will.

[Eleanore Whitaker]

12:30 PM on 02/20/2012

Redefining is the operative word Republicans love to use to reinterpret that which all other thinking human beings know is just the opposite of the Republican definition. The GOP has been Big Business's biggest government ally for decades. Look at who Ryan and Cantor are in bed with...the 2 Koch billionaires..who fund the Tea Party which is a shadow organization for "Americans For Prosperity". AFP is a rich bois club with who don't mind trampling everyone else's prosperity so long as they don't lose their rich boi entitlements. Too bad their game playing is over.

[Myriah007]

05:24 PM on 02/19/2012

small business??? Oprah, Trump----- Really?

[jwh64]

03:20 PM on 02/19/2012

I dont think Oprah or Trump qualify as a small business based on SBA Size Standars.
SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
• Manufacturing: Maximum number of employees may range from 500 to 1500, depending on the type of product manufactured;
• Wholesaling: Maximum number of employees may range from 100 to 500 depending on the particular product being provided;
• Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided;
• Retailing: Annual receipts may not exceed $5.0 to $21.0 million, depending on the particular product being provided;
• General and Heavy Construction: General construction annual receipts may not exceed $13.5 to $17 million, depending on the type of construction;
• Special Trade Construction: Annual receipts may not exceed $7 million; and
• Agriculture: Annual receipts may not exceed $0.5 to $9.0 million, depending on the agricultural product.

[Robert Weeks]

03:47 PM on 02/19/2012

Sports teams loke basketball teams?

[Robert Weeks]

03:47 PM on 02/19/2012

like too lol

[jwh64]

03:18 PM on 02/19/2012

m

[JOEL1954]

02:30 PM on 02/19/2012

We need to redefine small business.Maybe not the number of employees but the volume of business which is truly for small business only. We need to raise taxes no lower them!

[jwh64]

03:21 PM on 02/19/2012

They are defined by the SBA. Oprah doesnt fall into the small business category and either does Trump.

[Robert Weeks]

03:50 PM on 02/19/2012

read the article, yes they do. So do basketball teams.

[Carolyn Kostopoulos]

01:02 PM on 02/19/2012

we need to redefine small. my small business needs a tax break; oprah's doesn't, no matter how few people she employs

[jwh64]

03:22 PM on 02/19/2012

Oprah isnt a small business

[javagirl023]

06:41 PM on 02/22/2012

Republicans define her that way, you don't agree, don't vote R.

[MWA1111]

12:04 PM on 02/19/2012

Out of curiosity, have any of those of you that are railing on this seen the actual proposal and what the rules are for this deduction?

[rtspear]

01:25 PM on 02/19/2012

Out of curiosity, did you read the article? The proposal hasn't been drafted yet.

[MWA1111]

02:24 PM on 02/19/2012

Thanks for emphasizing my point... nobody here has seen a proposal yet so many have so much to say about it.

[Delacosta John]

11:16 AM on 02/19/2012

This is DISTRACTION TIME: stay away from fair TAXES on the RICH. let's try something that might work, example...Oprah Winfrey... We have hard so much of this, anyone coul reconise it,

This is DISTRACTION TIME: stay away from fair TAXES on the RICH. let's try something that might work, example...Oprah Winfrey... We have hard so much of this, anyone coul reconise it,

[zombywulf]

10:26 AM on 02/19/2012

so after 12 yeas of the BUSH corporate welfare tax cuts how many jobs have the UBER RICH RepubliCONS created??? This is just another present to the Republicons Horses rectums donors

[Robert Weeks]

03:53 PM on 02/19/2012

0 x 0 = 0

[Wrongway62]

10:13 AM on 02/19/2012

Eric Cantor's at it again, maybe he should be on the ticket to nowhere with Ricky.

[Randall Winn]

09:57 AM on 02/19/2012

If businesses don't have customers, no amount of tax cuts will make them profitable.
Small businesses don't pay taxes on gross, but on net. Thus they don't become profitable via tax cuts; they only increase profits if they already have them.
A much better use of tax cuts ... if you insist on tax cuts ... is to cut taxes for consumers. This increases demand for products, bringing in more business to businesses large and small. When businesses have more customers, they turn profitable.

[javagirl023]

06:45 PM on 02/22/2012

Furthermore, if you reinvest your profits, you don't pay tax on the equipment you buy. If we lower your taxes, it actually becomes easier to pull money out of said business...so tax cuts may even be counter productive to a growing economy.

[lNSCOUT]

09:53 AM on 02/19/2012

small business means that it's owned by a few people....not the size.....like walmart etc......wake up folks!

[thegreenhornet]

07:52 AM on 02/19/2012

And this is not accidental. Those are exactly the people he wants to help because that is the donor base for the republican party.

[MWA1111]

09:24 AM on 02/19/2012

So you don't want a small business tax break? What about Joe Blow's car wash or Jane Doe's home cleaning service? Should they not get a tax break? Should there be a tax break for small businesses with the caveat that the owners aren't famous?

[lNSCOUT]

09:54 AM on 02/19/2012

mom and pop? yep....but mega corporations owned by a few people? NO! those are NOT 'small' businesses.....they are owned by just a few people....and that's what they mean when they say it.

[Rhonda AndersonStimson]

10:49 AM on 02/19/2012

Don't mind a tax break for Joe Blow's car wash or Jane Doe's home cleaning service, but thos are NOT the people who are going to benefit most in this. Do we really need to put more money in the pockets of Oprah Winfrey, Donald Trump, and Paris Hilton?

[plcsail]

10:18 AM on 02/23/2012

Exactly, your business of ten people doesn't count because you can't make any of those one hundred thousand dollar donations to one of the Republican super pacs.

[JackTheSkipper]

08:54 PM on 02/18/2012

"Vivid Entertainment, which has 50 employees and makes a yearly estimated $5,000,000."

Do people still pay for porn?

[zombywulf]

10:24 AM on 02/19/2012

yes, Republicons need to keep their rentboys happy