S Corporation Permanent Tax Relief Act of 2014

Floor Speech

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Mr. DANNY K. DAVIS of Illinois. Madam Speaker, I am a longstanding supporter of S corporations, pass-throughs, and small businesses. In my State, as well as around the country, S corporations are a cornerstone of the business community. These corporations span a broad range of industries and employ a large percentage of our country's workforce. In my State alone, there are more than 235,000 S corporations providing more than 1.5 million jobs and bolstering the Illinois economy through their taxes paid.

In the name of fiscal responsibility, the Republican leadership has justified refusing to help 3 million Americans, including 116,000 Illinoisans, who were unemployed through no fault of their own.

Yet the Republican leadership abandoned its fiscal responsibility to balloon our deficit to $614 billion for permanent tax breaks for corporations while refusing to aid hardworking struggling Americans in the name of fiscal responsibility.

My track record is very clear on my strong support of small businesses. My track record is also very clear that I cannot and will not prioritize over half a trillion dollars in deficit spending for business tax breaks and tell struggling Americans that they are not worth the expense. I very much want the small businesses in my State to benefit from the tax benefits contained in H.R. 4457 and H.R. 4453. However, I cannot support the Republican approach of unpaid for, permanent cuts for businesses while the needs of our unemployed and working poor go ignored.

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