Dave Camp

Mr. CAMP

Mr. CAMP. I yield myself 4 minutes. Just briefly, I want to outline a summary of the Camp-Cantor substitute to H.R. 1. This legislation would provide and reduce the income taxes of every American who pays income taxes and also provide for a maximum family benefit of about $3,400 a year. This bill also contains a health insurance premium deduction which helps bring fairness to the tax treatment of health insurance by providing a new deduction for those who do not receive tax-preferred employer-sponsored coverage, regardless of whether they itemize or take the standard deduction. We also provide help for America's small businesses and employers by creating a 20 percent deduction for small business income. Now this is a group that employs nearly half of all private-sector employees in America and created nearly 80 percent of the new jobs in the United States in recent years. We also have bonus depreciation and small business expensing, providing employers, both large and small, enhanced incentives to make the critical investments they need to grow our economy and create jobs. We expand the net operating loss carry-back to 5 years rather than 2. We also repeal the 3 percent withholding requirement for government contracts. And to stabilize home values, we help reduce housing inventory by extending the $7,500 home buyer tax credit through December 2009. We do require that there be a 5 percent down payment so we don't get into the problems that we are facing again, and also eliminate the complicated recapture rules that currently require home buyers to pay the government back if they claim the credit. We also provide unemployment assistance. We exempt unemployment benefits from Federal income tax for 2008 and 2009, and we extend unemployment benefits, as the base bill does, through December 2009 with a phaseout through mid 2010. We also require that younger long-term unemployed are required to pursue a GED or other training, which would certainly help as they move into more training and into the job market. I would also say that, and during debate last night, I mentioned the recent CBO studies that show that tax cuts actually impact the economy more quickly than government spending. CBO is the Congressional Budget Office, it's nonpartisan, and they help analyze and score the various legislative proposals that we have in the Congress. Not only have CBO and economists from every political stripe confirmed that tax cuts impact the economy more quickly than big government spending, we even have an analysis by President Obama's nominated senior economic adviser that shows that tax cuts provide more immediate growth and job creation in the economy than does spending. So tax cuts provide a bigger bang for the buck. When the methods and economic models developed by the President's top economic adviser are applied to the Republican plan, it shows the Republican plan could create as many as 6.2 million jobs over the next 2 years. That's more than double the plan, the base bill that we have before us. Now, let's be clear about where these estimates come from. They come from the President's senior economic adviser. The President's nominee to chair the Council of Economic Advisers, Dr. Christina Romer, and her peer reviewed research. This isn't just her statement, this is a statement that's been reviewed by peers and economic analysts from around the country. So even in applying Dr. Romer's most conservative estimate, her analysis, along with that of Jared Bernstein, Vice President Biden's senior economic adviser, shows the Republican plan results in about 6.2 million jobs over 2 years. The cost of our bill is $478 million, so nearly twice the job creation for half the cost.

Mr. CAMP

Mr. CAMP. I continue to reserve.

Mr. CAMP. Mr. Chairman, I yield 2 minutes at this time to the distinguished gentleman of the Ways and Means Committee from Washington State (Mr. Reichert).

Mr. CAMP. At this time, I yield 2 minutes to the distinguished member of the Ways and Means Committee, the gentleman from Texas (Mr. Brady).

Mr. CAMP. At this time, Mr. Chairman, I yield 3 minutes to the distinguished ranking member of the House Budget Committee and member of the Ways and Means Committee, Mr. Ryan of Wisconsin.

Mr. CAMP. Mr. Chairman, I yield 3 minutes to the distinguished member of the Ways and Means Committee, the gentleman from California (Mr. Herger).

Mr. CAMP. Mr. Chairman, I yield 2 minutes to the distinguished member of the Ways and Means Committee, the gentleman from Louisiana, Dr. Boustany.

Mr. CAMP. I thank the Chair for that statement. At this time I yield 2 minutes to the distinguished member of the Ways and Means Committee, the gentleman from Illinois (Mr. Roskam).

Mr. CAMP. At this time I yield 2 minutes to the gentleman from Pennsylvania (Mr. Tim Murphy).

Mr. CAMP. Mr. Chairman, I yield 15 seconds to the distinguished member of the Ways and Means Committee, the gentleman from Texas (Mr. Brady).

Mr. CAMP. Mr. Chairman, I yield 3 minutes to the distinguished chairman of the Republican Conference, the gentleman from Indiana (Mr. Pence). (Mr. PENCE asked and was given permission to revise and extend his remarks.)

Mr. CAMP. Mr. Chair, I yield 1\1/2\ minutes to the gentleman from Texas (Mr. Smith).

Mr. CAMP. I yield 2 minutes to the gentleman from Minnesota (Mr. Paulsen).

Mr. CAMP. At this time, I yield 3 minutes to the distinguished gentleman from Georgia (Mr. Price).

Mr. CAMP. I yield the gentleman an additional 30 seconds.

Mr. CAMP. I'd like to inquire of the Chair the time remaining.

Mr. CAMP. And on the other side?

Mr. CAMP. At this time we will reserve our time until it becomes a little more balanced, Mr. Chairman.

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

Mr. CAMP. Mr. Chairman, I yield 3 minutes to the distinguished ranking member of the Energy and Commerce Committee, the gentleman from Texas (Mr. Barton). (Mr. BARTON of Texas asked and was given permission to revise and extend his remarks.)

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

Mr. CAMP. I yield the gentlewoman an additional 30 seconds.

Mr. CAMP. Mr. Chairman, I yield 2 minutes to the gentlewoman from Tennessee (Mrs. Blackburn).

Mr. CAMP. Mr. Chairman, I reserve my time.

Mr. CAMP. I yield 2 minutes to the gentlewoman from Minnesota (Mrs. Bachmann).