Dave Camp: “Our current Tax Code is a wet blanket on this economy. It puts our businesses, their workers, and their products at a…”

“Our current Tax Code is a wet blanket on this economy. It puts our businesses, their workers, and their products at a severe disadvantage. In this current climate, businesses aren't growing and hardworking Americans are seeing stagnant wages and fewer hours. Adding insult to injury, the United States is the only country that allows important pieces of its Tax Code to expire. The result: businesses and their workers are left constantly guessing whether certain policies will be around next year, hurting their ability to plan for the future. The National Association of Manufacturers told Congress that the ``expiration of bonus depreciation at the end of 2013 has had a chilling effect on the economy.'' This statement is clearly supported by the fact that for the first 3 months of 2014 total capital investment across the country fell by almost 12 percent, a major factor in why the entire U.S. economy contracted by nearly 3 percent. A survey of NAM members found that nearly a third of business owners would not make any investments this year without bonus depreciation and section 79 expensing, which the House voted on a bipartisan basis to make permanent in May. The legislation we have before us today would provide a permanent 50 percent bonus depreciation deduction and make the deduction available to more farmers and business owners across the country.…”