A new tax cut was approved by the Congressional Committee on Ways and Means this week. The measure, sponsored by Republican Bill Thomas of California, is geared to creating jobs for American workers.

The act includes tax relief and investment incentives for U.S. employers of all sizes. Specifically, it

cuts the tax rate for U.S. producers and manufacturers from 35 to 32 percent; Includes an across-the-board rate cut for all C corporations with less than $20 million in taxable income; Expands the size of companies exempt from the corporate alternative minimum tax from $7.5 million of gross receipts all the way up to $20 million; and, repeals the Foreign Sales Corporation-Extraterritorial Income (FSC-ETI) tax regime to head off $4 billion in tariffs against U.S. goods.

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