Mr. President, we have an opportunity. We have an opportunity to come together to cut taxes for American families in my State and for the families of more than 500,000 children, and to cut taxes for American manufacturers. The deal negotiated by Finance Chairman Wyden, a Democrat, in the Senate and Ways and Means Chairman Smith in the House, a Republican, along with their colleagues of both parties, has overwhelming bipartisan support. It passed the committee in the House 40 to 3. It passed on the House floor with 357 votes. When does that happen here? It is how Congress is supposed to work. We talk with the people with whom we serve. We hear their concerns, and we act. Families are dealing with costs that are far too high because corporations continue to raise prices to pay for executive bonuses and stock buybacks and higher profit margins. I often think of this, because I hear, when my wife and I are at the grocery store near our church in Brecksville, when I am out talking to people at a roundtable, or just at an airport, people talk about high food prices. One of the reasons--the biggest reason--when people go to the grocery store, they realize they are paying for stock buybacks and executive bonuses. The American manufacturers have been telling us they can't compete with countries like China without more investment in research and development, but expiring provisions mean the Tax Code isn't rewarding that kind of investment as much as it should.…
On the recordFebruary 9, 2024
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