On the recordJuly 11, 2014
I thank the gentleman for yielding and for his leadership on this very important issue. Mr. Speaker, I rise today in support of this bill to make 50 percent bonus depreciation permanent because it grows the economy and creates jobs. Short of comprehensive tax reform, a permanent extension of bonus depreciation is our best option to grow the economy, create jobs, and lift wages. This bill is important to Kansas manufacturers and to Kansas farmers and ranchers. The Tax Foundation found that permanent bonus depreciation would grow the economy by 1 percent, adding $182 million to the economy, increase wages, and create over 210,000 jobs. The Joint Committee on Taxation estimates that this legislation will increase economic growth and could reduce the debt by as much as $10 billion. But, most importantly, today's bill moves our Tax Code in the right direction. It is broad-based in that it does not pick winners and losers and does not favor one type of investment over another. Simply, it favors investment in the types of capital that create jobs and put more money in people's pockets.
