U.S. Rep. Dave Camp, a senior member of the tax-writing Ways and Means committee, today delivered the following remarks on the floor of the House in urging his colleagues to quickly pass a stimulus package and address long-term tax reform. The measure passed 385-35.
"Mr. Speaker, Americans are increasingly pessimistic about the U.S. economy. In Michigan, the economy is the number one issue families worry about. It is critical for Congress to address this issue and enact a legislation that will propel job growth, renew consumer confidence, and spur new business investment today. We cannot afford to wait and waste time loading up a bill with extra spending measures.
"The bill before is a positive step, and one we should take. However, I don't know a single American who prefers a rebate - even a rebate as generous as this - to a good paying job. So by no means is this the only step we should take if we are going to become truly competitive and create long-term job growth in this country.
"The tax code continues to be a drag on families and businesses, and if we are serious about putting America on a growth track, we must tackle substantive tax reform sooner rather than later.
"In 1960, America was home to 18 of the world's 20 largest corporations. By 1996, however, only eight of the world's 20 largest companies were based in America. This shouldn't surprise us. The United States has the second highest corporate tax rate in the industrialized world. While the average rate is 31 percent; the U.S. rate is a whopping 39 percent trailing only Japan, which is at 40 percent.
"So, before we congratulate ourselves on this economic stimulus package, we ought to address this jarring trend that is far more dangerous to American prosperity than next quarter's economic forecast.
"I urge my colleagues to send this bill to the President as quickly as possible, and I urge my colleagues to move with equal speed to address our tax code and the economic millstone it has become."