Kevin Hern: “It is great to see my colleague from Oklahoma from the Second District, our newest member of our Oklahoma delegation. I…”

“It is great to see my colleague from Oklahoma from the Second District, our newest member of our Oklahoma delegation. I certainly know where his heart is on these issues that American taxpayers rely on us to be responsible for and for the money to be put to good use. We have a critical tax cliff fast approaching at the end of 2025, with the majority of the TCJA's progrowth tax policies expiring. We are already seeing the devastating economic effects of TCJA's expired provisions, including the EBITDA interest deduction limitation, immediate deduction of R&D, and 100 percent bonus depreciation. Ernst & Young projects that over 10 years, if the increased limitation on the interest deductibility is not repealed, 900,000 jobs will be lost; employee compensation will be reduced by $58 billion; and GDP will fall by more than $108 billion. Twenty-six OECD countries use earnings before interest, tax, depreciation, and amortization, otherwise known as EBITDA, as an earnings-stripping limit, and zero countries in the OECD use the new U.S. EBIT-based limitation. This stricter limitation on businesses will fall on the American worker in the form of lower wages and employment and make the U.S. less competitive in the global marketplace. We need to restore the EBITDA interest deduction limitation immediately.…”