Mr. PITTS. Mr. Speaker, the United States competes on a global level for businesses and jobs, and when international investors look at our Nation, they have some concerns about the future.
Our country has the second highest corporate income tax rate in the industrialized world; and come January 1, we will see the largest tax increase in our Nation's history as the 2001 and 2003 tax cuts, all taxes, snap back to the old higher levels. There's uncertainty with on-again/off-again tax cuts and increases.
Starting today, our financial regulatory agencies will write hundreds of new rules governing investment. And we're now completely remaking our health care system with extensive government oversight, taxes, and thousands of pages of new regulations.
With all of these things together, it's perfectly understandable why we have weak job growth. Uncertainty about the United States business climate is directly caused by what Congress is doing to the American economy. We need to stop harming our economy with new taxes and complicated regulations and opportunity for new litigation and, instead, free American entrepreneurs and businesses to be able to compete on a global level to create jobs.