OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Tax Relief for American Families and Workers Act of 2024

Floor Speech

Date: Jan. 31, 2024
Location: Washington, DC

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Mr. SCHWEIKERT. Mr. Speaker, this is sort of elementary school economics. A dozen things have been said here that are absolutely wrong.

Mr. Speaker, if you look at the 2017 tax reform, where did we get the greatest economic boost with the least amount of cost?

It was actually the R&D and the expensing. We actually have models that make it perfectly clear the expensing actually was the one portion of the tax reform that actually paid for itself. That is because in a higher interest rate world--and I believe higher interest rates came from Democrat spending, but that is a different discussion--the fact of the matter is that if you do research and development then you have to finance it. This is where you get the economic growth that actually knocks down inflation and makes our society more prosperous. It is a good bill.

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