Rep. Maloney statement on H.R. 9
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today issued the following statement regarding H.R. 9 as it was debated on the House floor:
"Mr. Speaker, I rise in strong opposition to H.R. 9, the so-called Small Business Tax Cut Act, which, instead of helping small businesses or growing the economy, is merely another debt-busting tax giveaway for the rich and famous.
"Americans are demanding that we take action to create jobs and spur economic growth, but this legislation before us today adds $46 billion to the deficit in the next year alone, fails to create jobs and actually discourages the investments our economy needs.
"Now is the time to support American small businesses and grow the economy, as Democrats would do in an alternative proposal, by allowing companies to deduct 100% of the cost of capital, or “bonus depreciation,” in the first year for new investment in machinery and equipment – a proposal even conservative economists consider one of the most productive ways to boost economic growth.
"This is not the time to hand another tax cut to our nations’ wealthiest as H.R. 9 proposes, and I urge my colleagues to oppose this misguided legislation."