3% Withholding Repeal and Job Creation Act

Floor Speech

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Mrs. MALONEY. I thank the gentleman for his leadership, not only on the committee but in so many ways in this Congress, and for yielding me time.

Madam Speaker, I rise in strong support of H.R. 674 and of the President's veterans jobs bill.

The 3 percent withholding repeal is very important on its own. This was an important bill that will help small business contractors who would have experienced significant cash flow problems for day-to-day operations had the withholding tax gone into effect. It also provides important tax credits to encourage more employers to hire our veterans who are out of work. Well over 12 percent of our returning veterans are out of work. This bill provides additional education and job training for veterans to gain additional skills and to be successful in an increasingly competitive job market, and it takes important steps to help ease the transition between military service and the civilian workforce.

I am pleased that we are working together to repeal this tax burden and help our veterans in a comprehensive way during these tough economic times. I am pleased that this portion of the President's jobs bill is being enacted today. I thank all who are supporting it.

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