Dave Camp: “As we all know, there is a series of tax provisions that routinely expire that Congress must then renew, typically…”

“As we all know, there is a series of tax provisions that routinely expire that Congress must then renew, typically extending them for 1 year retroactively and 1 year prospectively. Congress routinely extends these policies without offsetting the revenue loss. This on again-off again style of legislating on a temporary basis is a terrible way to make tax policy. We are the only Nation in the world that lets large pieces of its Tax Code expire. Hard-working taxpayers deserve to know whether these tax policies are going to be there year in and year out on a permanent basis. Temporary renewals cannot provide the certainty that American businesses need in order to make the best decisions about how to invest in cutting-edge research, whether to buy new pieces of equipment, and most importantly, whether to hire that additional worker. These temporary renewals mean uncertainty for families as well as they try to plan their family budgets. Throughout the year, the Ways and Means Committee has produced legislation that carefully examined many of these temporary extenders and reformed and made permanent several of the most important ones. The whole House on a bipartisan basis later passed this legislation.…”