Political Quotes

“I yield myself such time as I may consume. The Democratic amendment in the nature of a substitute offers a 1- year extension of 100 percent bonus depreciation for certain U.S. businesses. Most importantly, the amendment offers a stark contrast to the majority's untargeted giveaway to the very wealthy Americans. First, bonus depreciation is available only to businesses that make investments in depreciable property. As a result, most of the benefit from the bonus depreciation provision will flow to businesses such as manufacturers that make significant investments in property, plant, and equipment. These are the types of businesses that create good jobs here in our country. In contrast to the majority's mistaken bill, very little, if any, benefit would go to lawyers, lobbyists, hedge fund managers, and entertainers, to mention just a few. These service professionals simply do not make large investments in depreciable property. Second, bonus depreciation is only available for property used in our country. So a business that builds a new factory only gets the deduction if the factory is built in this country. In contrast, the majority's bill provides a benefit to businesses regardless of where they're expanding or investing. Businesses that cut jobs in the U.S. and expand overseas could get the benefit of H.R. 9. In practice, they would get no benefit from this amendment.…”