Setting Forth the Congressional Budget for the United States Government for Fiscal Year 2022 and Setting Forth the Appropriate Budgetary Levels for Fiscal Years 2023 Through 2031
Floor Speech
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Mr. YOUNG. Madam President, now more than ever, we must find bipartisan solutions wherever possible to stimulate our economy, get Americans back to work, and ensure we maintain our position on the world stage as the leader in scientific and technological innovation.
This amendment would preserve funding related to U.S. competitiveness and innovation by retaining the full expensing for research and development and expanding tax incentives for small businesses. Immediate R&D expensing incentivizes long-term investments in innovation and technological breakthroughs.
By passing this amendment, we can make sure that the United States continues to be the world leader in this space.
I understand we are prepared to pass this by voice vote.
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Mr. YOUNG. Madam President, I call up Young amendment No. 3444 and ask that it be reported by number.
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Mr. YOUNG. Madam President, over 60 times during their campaign and since taking office, President Biden and Vice President Harris have pledged not to raise one single penny in taxes--not one single penny-- on anyone making less than $400,000 a year.
Today, my Democratic colleagues are using this budget to try to pull a fast one on the American taxpayers by giving lip service to this pledge while proposing tax hikes that will largely be borne by middle- and working-class Americans. For example, it is well-understood that a significant portion of corporate tax hikes are borne by American workers in the form of fewer job opportunities and reduced wage growth.
Now, while my colleagues included a nominal mention of the tax pledge in the underlying budget, importantly, the budget's reserve fund for the upcoming $3\1/2\ trillion reckless tax-and-spend bill is not conditioned on that pledge. So this amendment will prevent Congress from breaking the Biden-Harris tax promise to pay for reconciliation.
As President Biden said:
Not one penny. It's a guarantee.
I urge my colleagues to support this amendment.
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