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Daines Backs Tax Bill After Cuts for Small Businesses

Daines initially rejected tax bill

HELENA — U.S. Sen. Steve Daines is now supporting the $1.4 trillion tax bill because it contains additional tax cuts he says will help small businesses.

The Montana Republican said Monday that he opposed the tax bill as it was then written, complaining that it favored large corporations over small businesses.

On Friday he said the current version of the bill provides “significant tax relief” for “Main Street businesses”, which he says are responsible for nearly 70 percent of the jobs in the state.

The majority of owners of U.S. businesses, both large and small, report their profits on their individual tax returns. Daines was able to secure an increase in the deduction for business income from 17.4 percent to 20 percent Wednesday. GOP leaders later offered to boost it to 23 percent.

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