Political Quotes

“Madam Speaker, I support a permanent research and development credit to incentivize research for new products. For decades, there has never really been any question about whether we should incentivize research. The question has been how--how to pay for that incentive and how to ensure that it actually encourages more jobs and more economic development with desirable research that would not otherwise happen without the credit. Until today, Republicans who claimed to be for fiscal responsibility before they were against it have not been so brash as to demand that we finance this entire research credit on a permanent basis and similar legislation by borrowing more money. A Government Accountability Office investigation of this credit concluded that a few corporations snatched most of the credit and that ``a substantial portion of credit dollars is a windfall, earned for spending what they would have spent anyway, instead of being used to support potentially beneficial new research.'' This credit is just another type of special treatment that a few giant multinationals can count on to lower their already low tax rates. Last month, The Wall Street Journal reported the complaints of one giant. It said that, without this credit, its tax rate would climb effectively from 16 percent all the way to 18 percent. Another corporation complained that its rate would go from 13 percent to 19 percent.…”