It’s that time of year when tax issues are top of mind, and GOP House leaders and Senate Democratic leaders are busy ingratiating themselves with small business owners by proposing various tax-cutting measures aimed at strengthening a somewhat fragile economic recovery. The proposed cuts are designed to encourage hiring, new business opportunities and investment and would only apply to the 2012 tax year, at least for now.

The crux of the GOP plan involves a 20% deduction from the income of small-business owners that is subject to taxation, while the Democratic plan focuses on tax breaks for new payroll hires and new equipment purchases.

For a more in-depth look at this issue and the prominent players involved, go to this great article on the Wall Street Journal blog now!