Bonus Depreciation Modified and Made Permanent
Floor Speech
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Mr. NEAL. I thank the gentleman from Michigan.
Mr. Speaker, we are here today with this faulty effort for one reason and one reason only: the failure of fundamental tax reform.
Now, a good-faith effort was made in terms of drafting the proposal, but it really didn't go anywhere.
I would note in this institution, known for its emotions, that the response of the Democratic minority to the Camp draft proposal was fairly muted, thinking that this might be a worthwhile start to an ongoing conversation that would be bipartisan and bicameral.
A good start, we had. The model that we embraced over 3 years really worked quite well. Without the glare of publicity, we actually had an adult conversation back and forth between the parties, the stakeholders, and heard from virtually everybody you could hear from.
Well, when the proposal was offered publicly, the response on the Republican side was one of histrionics--Well, you can't do this. And you can't do that. Well, let's not try this. And let's not do that--even though an academic exercise had been undertaken that was worthwhile. So tax reform was killed in the crib before there was even an opportunity to have a conversation.
Now, my friend from Illinois (Mr. Roskam) said that everybody on this side is afraid to use the word ``stimulus.''
Stimulus, stimulus, stimulus, stimulus. I am going to use it, and I am going to use it in the motion to recommit.
Stimulus has worked in America's economic history, when America actually did big things. Mr. Lincoln found time during the midst of the Civil War to do the Transcontinental Railroad. Mr. Roosevelt did the Panama Canal. Mr. O'Neill and Mr. Reagan did the Big Dig in Boston. These are worthwhile undertakings that need to be done, and not to shy away from the principle of economic growth under the guise of a remedy that has dubious economic consequences.
Now, let me say this as well. And I intend, in the motion to recommit, to speak to it.
Remember the days when tax policy here was done between the two parties? Remember when there was a healthy give-and-take, where we actually talked about our differences in the quiet of the Ways and Means room, still the most desired committee to sit on in the Congress?
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