Congressman Mike Fitzpatrick (PA-8) released the following statement regarding the bipartisan House passage of H.R. 4718 which makes permanent tax policy that allows companies to deduct 50 percent of the cost of capital investments in the first year:
"Today, the House once again acted in bipartisan fashion to pass a pro-growth bill that decreases the debt, creates jobs, strengthens the economy and increases take-home pay for hardworking American families. By removing uncertainty from our already confusing and burdensome tax code, we empower small businesses to expand and innovate – increasing opportunity for workers and communities."
Mike Fitzpatrick (PA-8)
Tax Foundation analysis shows that the legislation would add $182 billion to the economy, increase capital stock by more than 3%, increase wages by about 1% and create 212,000 jobs in the U.S. Furthermore, the non-profit Joint Committee on Taxation reports that the permanent extension offered in this bill could reduce the national debt by as much as $10 billion.