WALLY HERGER: “I commend the House leaders for coming together in a bipartisan way on today's tax relief bill. But I believe we must do…”

“I commend the House leaders for coming together in a bipartisan way on today's tax relief bill. But I believe we must do much more to truly foster business certainty, economic expansion, and a prosperous America for workers and their families. The doubled small business expensing and bonus depreciation tax relief in this bill will help employers invest in their businesses, retain the workers they already have, and hire new employees in 2008. It would be even more beneficial if we were focused on permanent relief. Even today, U.S. industry is looking 2 and 3 years down the road and making investment plans based on the expectations of the massive Democrat tax increases. Absent predictable, low rates on capital formation, tax increases will take a toll on economic activity and growth, meaning fewer jobs, lower wages and tougher times for families in the future. Such a hit to our economy would far outweigh any static revenue loss we would see from enacting big-picture tax relief. Mr. Speaker, we should also focus on putting our employers on an even tax footing with countries around the globe. Currently, the United States has the second highest business tax rates among world market economies. Mr. Speaker, if we are to encourage a sound and prosperous American economy tomorrow, we have to begin by planting the seeds of prosperity and growth today.”