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Mr. LEE of New York. Mr. Chairman, I am amazed how my friends across the aisle now, all of a sudden, have found religion when it comes to fiscal issues.
But where were they when we had the $800 billion stimulus? Where were they with the $1.2 trillion health care bill that they all promoted? Where were they when the Speaker chose not to enact a budget resolution this year, the first time in 36 years? And now they're preaching fiscal responsibility when we are out promoting a bill that is not cutting taxes; it is helping to ensure that every American citizen who pays taxes won't be seeing an increase this year. It is truly, truly amazing.
Simply put, this bill before us today will allow taxpayers to keep more of what they earn and will allow small businesses, the engines of our economy, to invest in themselves and invest in jobs. This bill will provide much-needed certainty that businesses have been screaming for. They are looking to invest in themselves and truly what they want to do is hire more workers, but: tell us what the rules are going to be.
Currently, today, businesses are sitting on close to $2 trillion in cash and liquid assets awaiting to know what the rules are going to be. This bill is not perfect, but it will help set the stage for businesses to get some confidence and certainty in this economy and go out and start investing in U.S. workers. Congress is long overdue in providing this certainty to small businesses, and it is one of the best ways that we can start turning around this economy.
I ran a manufacturing business before coming to Congress. I know what it feels like to look at a production line and not know if you will be able to operate it the next month because Washington is dragging its feet.
By acting now, we can also ensure that small businesses and family farms aren't hit with a 55 percent death tax. We reaffirm our commitment to providing incentives for manufacturers to invest in research and development. And we help every American family by extending current tax rates, the child tax credit, and the marriage penalty relief.
Is this bill perfect? No. Few things are that come out of Washington. But the bottom line is that this bill will allow families to keep more of what they earn and help small businesses grow and invest in themselves.
This is a proven recipe for job creation. I urge my colleagues to support this bipartisan legislation so we can protect taxpayers and get on to the tough work of cutting spending next year.
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