On the recordOctober 26, 2011
I want to thank my colleague from South Carolina. Mr. Speaker, I rise today in support of both the bills under this rule and, in particular, H.R. 674, repealing the 3 percent withholding tax on government contracts. It may have seemed like a good idea at the time, but now we clearly see that it is a mandate that drains precious resources from America's job creators--small businesses. The profit margin for many businesses affected by the proposal is often less than the 3 percent mandate. The withholding tax will create substantial cash flow problems and drain capital from many businesses that could otherwise be used to invest and grow or hire more workers. Mr. Speaker, I join with many business owners, State and local governments, and educational institutions in supporting H.R. 674, to repeal this tax, and provide a meaningful step towards instilling certainty in job creators in getting this economy moving on the right track.
