Dave Camp

Mr. CAMP

Mr. CAMP. I appreciate the gentleman yielding. Mr. Speaker, I would just say, as the gentleman from Maryland said, we are probably going to do this again. As the majority whip in the Senate has said--to paraphrase--when we do these policies over and over again, we ought to have an honest debate about what should be permanent. If we do accept the motion to recommit--which I understand is going to be offered--that extends this one more time, that means we have extended this for a full budget window, unpaid for, so I understand why there is some defensiveness about the voting record over there, in terms of how many times they have voted to extend these policies unpaid for, but if we are going to do that, let's do this in a permanent way, so we can bring some certainty to small businesses. We know that is where most of the jobs get created in any recovery. Let's give small business in America some certainty, so that the job creation can start and they can understand exactly what their tax obligations are. This is something that, as I have said, many small business groups are behind and support. I urge adoption of this legislation.

Mr. CAMP. Mr. Speaker, I object.

Mr. CAMP. Mr. Speaker, I reserve a point of order against the motion to recommit.

Mr. CAMP. Mr. Speaker, I withdraw my point of order, and I seek time in opposition to the motion.

Mr. CAMP. Mr. Speaker, frankly, this motion to recommit is absurd. It is absurd in this economy to threaten small business with higher taxes. The gentleman referred to favorites. Yes, I do have favorites. Those are the small businesses all across America that hire and to which people go to work every day. The margins are tight. You know the testimony we have had before the Ways and Means Committee. We need growth in this economy, certainty, and long-term tax policy. We are the only nation in the world that allows its tax policy to expire. Instead of threatening small businesses with higher taxes, we should give confidence to small businesses--confidence to know what the tax policy is. Look, it has been extended so many times it may as well be permanent. This is the point--so that they will grow, so that they will invest, so that they will hire workers. People will have higher wages as a result of a stronger, growing economy because families and middle class Americans will have jobs. Reject this threat of higher taxes, particularly on small businesses. Reject this motion to recommit. I yield back the balance of my time.

Mr. CAMP

Mr. CAMP. Mr. Speaker, pursuant to House Resolution 616, I call up the bill (H.R. 4457) to amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes, and ask for its immediate consideration.

Mr. CAMP. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and to include extraneous material on H.R. 4457.

Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume. The tax burden that small businesses, farmers, ranchers, and their workers face is too high. Every dollar Washington takes from small businesses is a dollar that they don't have to invest in equipment, to start a new production line, to hire a new employee, or to provide more in wages and benefits. Businesses aren't growing, and hardworking Americans are seeing stagnant wages and fewer work hours. This is unacceptable. These days, it seems that Congress can rarely agree on much, so when we can find some common ground to help grow the economy and get businesses to invest and hire new workers, we should act immediately. The legislation we have before us today, America's Small Business Tax Relief Act of 2014, would do just that by providing a permanent extension of section 179 expensing at a level of $500,000. Section 179 is a bipartisan provision that has been in place since the 1950s, but businesses, farmers, and ranchers cannot reap the full benefits when they have no idea if this provision is going to be around the next year or what it may look like. This hurts their ability to plan for the future and expand their businesses. The Farm Bureau recently stated: This practice makes it very difficult for farmers and ranchers to plan, and it adds immense confusion and complexity to the Tax Code. It is time to make section 179 permanent at an expensing level of $500,000 so American farmers, ranchers, and small businesses can invest in new equipment, grow their businesses, and plan for the future. Sure, House Democrats, many who have sponsored this legislation before, are now demanding that we pay for an extension of these policies despite voting year after year to extend these job-creating policies without their being paid for. Frankly, the millions of Americans searching for jobs or for a few extra dollars in their paychecks know that pro-growth policies like this pay for themselves in the form of new investments, new jobs, and higher wages. I think we can all agree this is the right policy, and we should set the rhetoric aside so we can have an America that works, with a strong and vibrant economy. By supporting permanent policies, Washington can promote certainty for American businesses and generate additional economic growth. We have become too accustomed to poor jobs reports, anemic growth, and just accepting things as they are. Small business expensing has been a bipartisan policy for decades, and it is time to make it a permanent part of the Tax Code. Washington needs to wake up, to start listening to the American people, and to act on real policies that strengthen the economy and help hardworking taxpayers. Today's legislation will do just that. I reserve the balance of my time.

Mr. CAMP

Mr. CAMP. Mr. Speaker, I rise today with my colleague Ranking Member Levin to honor William H. Cooper, Specialist in International Trade and Finance in the Foreign Affairs, Defense, and Trade Division of the Congressional Research Service (CRS). Bill will retire at the end of June after 41 years of distinguished government service, including 32 years of invaluable analytical work for Congress and the Ways and Means Committee as a leading expert on U.S. trade policy and international economics. Bill's authoritative, objective, and non-partisan support for Congress on international trade and economic issues is exemplified in his many reports, confidential memoranda, and consultative briefings. Over the span of three decades, his work for Congress has addressed nearly every major trade bill and U.S. trade law, as well as U.S. trade relations and negotiations with key U.S. trading partners and at the World Trade Organization. His deep expertise and knowledge have been vital to Congress and the Committee in particular in fulfilling its constitutional role on international trade. I especially want to thank Bill for his substantial support on the U.S.-South Korea Free Trade Agreement and Trans-Pacific Partnership negotiations; the international negotiations trade in services; U.S. trade and economic relations with South Korea, Japan, Russia, and Europe; the WTO global trading system; and Trade Promotion Authority. Bill's invaluable analytical contributions, intellectual leadership, and institutional understanding of these and other vital policy issues before Congress over these past 32 years will leave an invaluable legacy. Bill represents CRS at its finest in serving Congress. I wish him the very best in his retirement.

Mr. CAMP

Mr. CAMP. Mr. Speaker, I am opposed to the motion.

Mr. CAMP. Mr. Speaker, this economy isn't growing. Last quarter's GDP showed 0.1 percent economic growth. It is essentially flat. Do we have any pro-growth ideas or policies coming from the other side? None. They seem to be happy with the way things are. But, frankly, Americans aren't. Americans think the country is going in the wrong direction. Americans think things aren't going to get better because--you know what?--they haven't been. Median incomes have been declining. So what we need to do is adopt something that is pro-growth. This is a policy that has wide bipartisan support. Republicans and Democrats have long supported the research and development tax credit. Do you know why? Because it allows companies to innovate, to create and refine medical products that help extend and make people's lives better. It helps small companies like one in my home State of Michigan that actually makes footwear for our soldiers and men and women in harm's way, and they continue to refine that product as they meet difficult conditions overseas. We need to innovate and grow. Democrats 71 times voted to extend this provision, unpaid for. The President, when he was in the Senate, voted twice to extend the R&D credit without paying for it. The President, twice, as President of the United States signed legislation that twice extended this credit without paying for it. Look, let's stop the charade. Let's be honest. This credit will be extended. Let's give businesses the certainty they need, employers, so they can grow and invest and create jobs, so that everyone can get higher wages, so we can reverse this terrible trend of incomes declining. Let's raise wages for everyone. Let's adopt a permanent R&D tax credit. Vote against this motion and vote for the bill. Mr. Speaker, I yield back the balance of my time.

Mr. CAMP

Mr. CAMP. Mr. Speaker, pursuant to House Resolution 569, I call up the bill (H.R. 4438) to amend the Internal Revenue Code of 1986 to simplify and make permanent the research credit, and ask for its immediate consideration.

Mr. CAMP. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and to include extraneous material on H.R. 4438.

Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, our current Tax Code is broken. It is hurting families and hurting our ability to create good-paying jobs in this country. Last week we learned that the economy grew 0.1 percent in the first quarter of 2014. One-tenth of a percent of growth is unacceptable. Hardworking families and small businesses are struggling in this economy, wages are flat, and businesses are not growing. Beyond having the dubious distinction of the highest corporate rate in the world, the United States is the only country that also allows important pieces of its Tax Code, like the research and development tax credit, to expire on a regular basis. Businesses can't grow and invest when the Tax Code is riddled with instability and uncertainty. The research and development credit, the permanent extension we have before us today, has been part of the U.S. Tax Code since 1981. Renewed year after year, the credit has long been bipartisan and an effective way to incentivize U.S. companies to innovate, create new products, and invest in the United States. The bill we have before us is a result of years of work that the Ways and Means Committee members have put into tax reform. By simplifying the credit, we eliminate the burden on businesses to do substantial amounts of recordkeeping, maintain countless receipts, and perform complex calculations. Notably, the R&D credit has been historically bipartisan. In fact, just a few years ago, Congressman Levin, now ranking Democrat on Ways and Means, and I cosponsored the House bill to extend the research and development tax credit. Today the bill is led by Mr. Brady and Mr. Larson and has many other Republican and Democrat cosponsors. Many on the other side of the aisle have commented about the fact that this job-creating provision is unpaid for. I would note that this provision, among other extenders, has historically not been paid for. All together, Ways and Means Democrats have cast 71 votes on this floor in favor of unpaid extensions of this policy. That amounts to 15 years' worth of extensions. While the change of tune may be for political reasons, I think we can all agree that this is the right policy. Making the R&D tax credit permanent is an important first step to achieving growth and putting us on a path toward comprehensive reform that lowers rates and makes the Code simpler and fairer. It also supports good-paying jobs. According to the National Association of Manufacturers, 70 percent of R&D credit dollars are used to pay salaries of R&D workers. The United States was once the world leader in providing research incentives to U.S. companies so that U.S. companies could innovate and create new technologies and products, but we have fallen far behind. Other countries are moving past the United States, putting American companies at risk of falling further behind. Countries like Japan, the United Kingdom, Canada, Russia, and Slovenia have all invested more in research and development support than the United States. This is unacceptable and we can do better. A strong permanent credit not only provides the certainty employers need, but the Joint Committee on Taxation estimates that making the R&D credit permanent will increase the amount of research and development American companies undertake by up to 10 percent. That translates into more workers, higher wages, and increased innovation here in the United States. Mr. Speaker, I yield 1 minute to the gentleman from Virginia, Leader Cantor.

Mr. CAMP. Mr. Speaker, I would just note for the record that the previous speaker, the gentleman from Maryland, has voted four times to extend the research and development tax credit, none of them paid for, for a total of 7\1/2\ years. With that, I yield 2 minutes to the gentleman from Texas (Mr. Brady), a distinguished member of the Ways and Means Committee and chairman of the Joint Economic Committee.

Mr. CAMP. I yield an additional 30 seconds to the gentleman from Texas.

Mr. CAMP. Mr. Speaker, I yield 2 minutes to the gentleman from Washington State (Mr. Reichert), a distinguished member of the Ways and Means Committee.

Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume. I would just say that the previous speaker, the gentleman from Wisconsin, has voted five times to extend the research and development tax credit--for 12\1/2\ years--with not a nickel of it paid for, to use his words. Let me just say that our friends in the Senate are advancing an ``unpaid-for'' extension of all of the extenders to the tune of $85 billion. I just think, to follow their line of logic, they would say we need to raise taxes to keep taxes the same. That makes no sense. We haven't done it for almost 30 years, and we shouldn't do it now. I reserve the balance of my time.

Mr. CAMP. Mr. Speaker, I continue to reserve the balance of my time.

Mr. CAMP. Mr. Speaker, I reserve the balance of my time.

Mr. CAMP. Mr. Speaker, I would just say the gentleman from California voted three times to extend the R&D tax credit unoffset for a length of time of 8 years. I continue to reserve the balance of my time.

Mr. CAMP

Mr. CAMP. I reserve the balance of my time.

Mr. CAMP. Mr. Speaker, I yield myself such time as I may consume. Well, I would just say that the gentleman from Maryland is correct. He has voted six times to extend the research and development tax credit without paying for it, for a total of 14 years. Look, I think it is time we are honest with the American people. If we are going to extend these policies again and again and again--in this case, 30 years--and not pay for it, look, we shouldn't have to raise taxes to keep taxes the same. So, again, I would urge my colleagues to support this legislation, and I reserve the balance of my time.

Mr. CAMP. I reserve the balance of my time.

Mr. CAMP. Mr. Speaker, at this time, I yield such time as he may consume to the gentleman from Texas (Mr. Brady), a distinguished member of the Ways and Means Committee and the chairman of the Joint Economic Committee.