No one expects Rep. Eric Cantor’s proposed 20 percent tax cut for small business owners to get any farther than the House. But that's not the point. This is a purely a "he-said, she-said" moment where Republicans and Democrats take every opportunity to point out how the other side doesn't support small business.
The legislation did pass the House on Thursday, 235-173. The voting was split, as expected, pretty much down the party line.
The debate continued on CNBC’s Kudlow Report, with Rep. Chris Van Hollen (D-Md.), and Sen. Kay Bailey Hutchison (R-Texas).
The debate was along party lines, as well, with Van Hollen saying it would benefit wealthier business owners, and Hutchison asserting that tax breaks are necessary and that the Obama administration is over-regulating businesses.