Nick Smith said "In 1993 we increased the marginal tax rate on small business from 31 to 39.6 percent. Small business creates jobs. The first bill that I introduced when I came to Congress in 1993 was neutral cost recovery. It allowed a business to deduct the cost of machinery and equipment and facilities in the year they bought it. This is an excellent bill for small business. It does include an increase in expensing up to $25,000. It is what we have to do if we want to expand jobs in this country, and ultimately expand revenues coming into the Federal Government to pay off this mess that we have found ourselves in as far as overspending and overborrowing." @ PoliticalQuotes.com

On the recordMay 22, 1996

In 1993 we increased the marginal tax rate on small business from 31 to 39.6 percent. Small business creates jobs. The first bill that I introduced when I came to Congress in 1993 was neutral cost recovery. It allowed a business to deduct the cost of machinery and equipment and facilities in the year they bought it. This is an excellent bill for small business. It does include an increase in expensing up to $25,000. It is what we have to do if we want to expand jobs in this country, and ultimately expand revenues coming into the Federal Government to pay off this mess that we have found ourselves in as far as overspending and overborrowing.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing tax policy and its impact on small businesses and job creation.

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