— Congressman David Kustoff (R-TN) spoke on the floor of the House of Representatives urging Congress to extend three pro-growth tax policies. Extending these policies will help create more jobs, boost our economy, and maintain U.S. competitiveness overseas.
Click here to watch his remarks or read them as prepared below:
I rise today to speak about three pro-growth tax policies that are critical for businesses and workers in West Tennessee and across the nation.
Bonus depreciation, business interest deductibility, and immediate expensing for research and development costs; these policies help businesses grow, create jobs, and invest in our communities.
It is crucial Congress extends these policies to ensure our tax code remains competitive and encourages economic growth.
The Republican-passed Tax Cuts and Jobs Act of 2017 (TCJA), led to one of the strongest economies in U.S. history.
One important piece of TCJA, known as bonus depreciation, allows businesses to fully and immediately deduct the cost of certain capital investments.
If we want businesses to continue investing in their workers and in their future, bonus depreciation must be extended.
Domestic investment will also be strengthened by restoring business interest deductibility.
Interest deductibility has served as a vital tool for manufacturers and other capital-intensive businesses. Restoring this provision will protect American jobs and keep manufacturing here at home.
For decades, America has been the global leader in innovation and the go-to destination for startups and entrepreneurs.
It’s important we keep it that way.
Allowing U.S. businesses to immediately deduct research and development costs will lead to more innovation, more domestic investment, and more jobs.
I have heard from West Tennessee businesses – large, medium, and small – asking Congress to pass these three tax provisions.
I ask all my colleagues in the House of Representatives to stand with American businesses and workers and extend these critical provisions.
Mr. Speaker, thank you very much for this evening, and I yield back the balance of my time.
This is a companion discussion topic for the original entry at https://kustoff.house.gov/media/press-releases/video-congressman-kustoff-advocates-tax-policies-support-american-businesses