Political Quotes

“It is just something that the small businesses have been trying and trying for the longest period of time to get, and it has had a very difficult time getting through. Hopefully, it will get through this year. On this bipartisan bill, as to which I believe the gentleman is a cosponsor, it would get rid of it by repealing the FUTA, a 2 percent surtax. It would increase expensing up to $50,000. In fact, we are in the process now of looking at whether or not the small business owner or the casual investor should be allowed to set his or her own depreciation schedule. I just put a rubber roof on a building, a 130-year-old building, not worth that much but the roof cost $25,000. The law says one has to take 39 years to depreciate it. It has a 10-year warranty on parts and a 5-year warranty on labor. It absolutely does not make sense to have arbitrary rules like that. If we allowed the small business owner to set his or her own depreciation schedule, then, for example, I could choose the number of years I want to do it, say 4 or 5 years, but if I expense it then I could no longer add it to the basis for the property when I sell it. Well, that is all right. To have to go through that tremendous expense and really get very little tax break to help with it, simply does not make sense. So there are a lot of things that we can do.…”