GOP tax leaders: US small businesses could pay more tax than small businesses do in China if Trump cuts expire

Republicans on the House Ways & Means Committee, the House's chief tax writing committee, pointed out during a Tuesday hearing that if Congress lets President-elect Trump's tax cuts from his first term expire, millions of small businesses in the United States will see a top tax rate that is higher than what small businesses in communist China pay.   

Tuesday's hearing launched debate in the new Congress over how to handle Trump's expiring tax credits, key provisions of which are slated to expire later this year.