House Proceeding 01-28-09 on Jan 28th, 2009 :: 2:39:35 to 2:44:10
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2:39:32 to 2:39:55( Edit History Discussion )

Dave Camp: member opposed each will control 30 minutes. the chair recognizes the gentleman from michigan. mr. i yield myself four minutes. the chair: the gentleman is recognized for four minutes. the chair: i -- mr. camp: i want to outline a summary of the substitute to h.r. 1. this legislation would provide and redules the income taxes of

2:39:35 to 2:44:10( Edit History Discussion )
Speech By: Dave Camp

2:39:56 to 2:40:17( Edit History Discussion )

Dave Camp: every american and also provides a maximum family benefit of about 3,3400 a year this bill also contains a health insurance presumeum which brings fairness to the treatment of health insurance by providing a new reduction for those who do not prefer tax coverage, regardless whether they take the standard detection.

2:40:18 to 2:40:39( Edit History Discussion )

Dave Camp: we also provide help for america's small businesses' employers by creating a 20% deduction fosmall business income. now this is a group of -- that employs nearly half of all private sector employees in america. it created nearly 80% of the new jobs in the united states in rect years.

2:40:40 to 2:41:00( Edit History Discussion )

Dave Camp: we also have bonus deappreciateation and small business expensing providing employers both large and small enhanced incentives to make the critical investments they need to grow our economy and create jobs. we expand the net operating loss carryback to five years rather than two. we also repeal the 3% with holding requirement for government contracts.

2:41:01 to 2:41:24( Edit History Discussion )

Dave Camp: and to stabilize home vals, we help reduce housing inventory by extending the 5 home buyer tax credit through december, 2009. we do require that there be a 5% down payment so we don't get into the problems that we're facing again and also eliminate the complicated recapture rules that currently require home buyers to y the government

2:41:25 to 2:41:46( Edit History Discussion )

Dave Camp: back if they claim this credit. we also provide unemployment assistance unemployment benefits from federal income tax for 2008 and 2009. and we extend unemployment benefits as the base bill does through december, 2009, with a phaseout through mid 2010.

2:41:47 to 2:42:07( Edit History Discussion )

Dave Camp: we also require that younger long-term unemployed are required to pursue a g.e.d. or other training to certainly help as they move into more training and into the job market. i would also say that as i and during debate last night i mentioned the recent c.b.o.

2:42:08 to 2:42:31( Edit History Discussion )

Dave Camp: studies that show that impact tax im-- income tax impact the economy and c.b.o. is the congressional budget office, it's nonpartisan and they help analyze and score the various legislative proposals that we have in the congress. but not only have c.b.o. and ec stripe confirmed that tax cuts impact the economy more quickly than big government spending.

2:42:32 to 2:42:53( Edit History Discussion )

Dave Camp: we even have an analysis by president obama's nominated senior economic advisor that shows that tax cuts provide more immediate growth and job creation in the economy than do -- than does spending. so tax cuts provide a bigger bang for the buck. when the methods and economic models developed by the ?? president's top economic

2:42:54 to 2:43:14( Edit History Discussion )

Dave Camp: advisor are applied to the republican plan, it shows the republican plan could create as the next two years. that's more than double the plan that the base bill that we have before us. now let's be clear about where these estimates come from. they come from the president's senior economic advisor.

2:43:15 to 2:43:35( Edit History Discussion )

Dave Camp: the president's nominee to chair the council of economic advisors, and her peer-reviewed research. this isn't just her statement. it's a statement that's reviewed by peers and economic analysts from around the country. even in applying dr. romer's most conservative estimate, her

2:43:36 to 2:43:56( Edit History Discussion )

Dave Camp: analysis, along with that of bernstein, vice president biden's senior economic advisor, shows the republican plan results in about 6.2 million jobs over two years. the cost of our bill, 78 million. so, nearly twice the job creation for half the cost. i just -- i would yield myself an additional 30 seconds. the chair: the gentleman is recognized.

2:43:57 to 2:44:10( Edit History Discussion )

Dave Camp: mr. camp: i just want prepete the, these are taken directly from public analysis of the president's senior economic advisors. republicans didn't develop these ourselves. we're aplooing their