[Congressional Record Volume 149, Number 67 (Wednesday, May 7, 2003)]
[House]
[Page H3740]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              SUPPORT THE JOBS AND GROWTH TAX ACT OF 2003

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Texas (Mr. Burgess) is recognized for 5 minutes.
  Mr. BURGESS. Mr. Speaker, I rise today to support H.R. 2, the 
President's Jobs and Growth Tax Act of 2003. There is no need for 
further debate on this bill: America needs economic stimulus, and it 
needs it now. Congress cannot stand on the sidelines while too many of 
our fellow citizens cannot find work or are on the verge of being laid 
off. That is why I support the Jobs and Growth Tax Act of 2003.
  This important legislation will help expand business investment by 
eliminating the double tax on corporate income. This plan encourages 
investments that help small businesses grow. I believe more tax relief 
means more jobs.
  Small businesses are becoming more and more important to the Nation's 
overall business activity. They create the majority of new jobs and 
account for half the economy's private output. For this reason, this 
package gives small businesses the ability to immediately expense up to 
$75,000 instead of the current write-off of $25,000 for capital 
purchases. This encourages small businesses to buy technology, 
machinery and other equipment that they need to expand and meet the 
needs of their consumers.
  The Flower Mound Chamber in my district expressed their support of 
the provision since they have over 725 companies that will be able to 
benefit. These small businesses in my district will receive a tax cut 
of at least $2,000 each, money that can be used to hire additional 
workers, boost current workers' pay or reinvest in their company. Any 
amount of money that a small business can save today will result in 
business growth and development in the years to come.
  The Jobs and Growth Tax Act will create at least 1 million jobs by 
the end of 2004, according to the Heritage Foundation.
  With the increase in the child tax credit and elimination of the 
marriage penalty, with those savings an additional 300,000 jobs will be 
created.
  Over the recent district work period, I conducted 10 town hall 
meetings in my district. At almost every event constituents asked about 
the economy and asked about tax cuts for stimulus. Many out-of-work or 
underemployed people begged for relief soon. We cannot let these 
Americans down.
  Also, May marks the month hundreds of students will graduate from 
local colleges and universities and from the two universities in my 
district. These young people, having completed their education, will 
enter the job market eager to contribute. We owe it to future 
generations to stimulate our economy now to ensure that jobs are 
available in the future.

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