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Mr. McCLINTOCK. Mr. Speaker, the House just passed H.R. 9, purporting to give a temporary tax cut to small businesses. I say ``purporting'' because it doesn't cut spending at the same time, and thus it merely shifts current taxes into the future. Once a dollar has been spent, it has already become a tax, taken either from today or from tomorrow to pay off deficits.
Nor does H.R. 9 do much to promote economic growth because it does little to reward new productivity at the margin. At best, it produces a 1-year sugar high until the bills come due.
Tax cuts without either spending reductions or real economic growth are an illusion. Real tax reform would permanently reduce the marginal tax rate for all businesses and cut government spending concurrently. This would encourage and reward growth, shift investment decisions from politicians to entrepreneurs, and not rob our economy of its future. I hope before the end of this session that we will do so.
(House of Representatives - April 19, 2012)