Mr. Speaker, I rise today in support of H.R. 2, The “Jobs and Growth Tax Act of 2003.”
There is no need for debate on this bill: America needs economic stimulus! Congress cannot stand on the sidelines while too many of our fellow citizens cannot find work or on the verge of being laid-off. That is why I support the Jobs and Growth Tax Act of 2003.
This important legislation will help expand business investment by eliminating the double tax on corporate income. This plan encourages investments that help small businesses grow. I believe more tax relief means more jobs.
Small businesses are becoming more and more important to the nation’s overall business activity. They create the majority of new jobs and account for half of the economy’s private output. For this reason, this package gives small businesses the ability to immediately expense up to $75,000 instead of the current write off of $25,000 of capital purchases. This encourages small businesses to buy technology, machinery, and other equipment they need to expand and meet the needs of their consumers.
The Flower Mound Chamber in my district expressed their support of the provision since they have over 725 companies that will be able to benefit. These small businesses in my district will receive a tax cut of at least $2,000 – money they can use to hire additional workers, boost current workers pay, or reinvest in their company. Any amount of money a small business can save today will result in business growth and development in the years to come.
The Jobs and Growth Tax Act will create at least one million jobs by the end of 2004 and according to the Heritage Foundation, 1.2 million jobs will be available due to this package.
With the increase of the child tax credit and elimination of the marriage penalty an additional 300,000 jobs will also be created.
Over the recent district work period, I conducted ten town hall meetings in my district. At every event my constituents asked about the economy and tax cuts. Many out of work or underemployed people begged for relief soon. We cannot let Americans down.
Also, May marks the month hundreds of students will graduate from local colleges and universities and they will enter the job market eager to contribute. We owe it to future generations to stimulate our economy and ensure jobs are available.
