America’s Small Business Tax Relief Act of 2015by Representative Nydia M. Velázquez
Posted on 2015-02-13
Mr. Speaker, I rise in opposition to the bill before us today. As we all know, small businesses are critical to sustaining our economic growth, and it only makes sense to cater our economic policy to meet their needs.
Congress needs to continue promoting our ultimate goal of providing small firms with certainty and simplicity in our Tax Code. Expanding section 179 permanently is one way to accomplish this goal.
Unfortunately, H.R. 636 neglects other important provisions in the Tax Code benefiting small firms. What about R&D tax credit or modernizing the depreciation schedule? These are important tax reforms that small businesses have been asking for, for so long, but here we are again enacting a piecemeal tax bill that does nothing to accomplish our bipartisan goal of passing comprehensive tax reform.
Republicans love to claim that they are fighting for small businesses when it is convenient for them. However, today's bill doesn't provide enough for small firms, and it certainly doesn't meet what the other side of the aisle claims is the most important policy tenet: fiscal responsibility.
This bill will add $77 billion to our deficit--so much for fiscal responsibility.
While I applaud the effort and agree more can be done to help small businesses, we must enact smart, comprehensive tax reform that truly addresses small business needs.
Thank you, Mr. Chairman.