ATR Supports H.R. 7298, Doubling Small Business Expensing and Creating An Auto Bailout Alternative
The Honorable Doug Lamborn
U.S. House of Representatives
Washington, DC 20515
Dear Congressman Lamborn:
On behalf of Americans for Tax Reform, I am pleased to support H.R. 7298, a common sense tax cut bill which you recently introduced.
Your bill cuts taxes in two ways, both of which are timely and relevant to our current economic instability:
1. It doubles and makes permanent “small business expensing.” Your bill doubles the small business expensing limit to $500,000, and allows businesses with up to $1,000,000 in asset purchases to benefit from full expensing. The alternative for many small businesses is long and complex depreciation, which is a tax disincentive to investment and growth.
2. It creates a $10,000 tax deduction for purchasing an automobilemanufactured in the United States. To hear the mainstream media, Big Labor, and Congressional Democrats tell it, the “U.S. auto industry” is confined to three companies in Detroit. In fact, America has a robust domestic manufacturing sector in autos. Toyota and Honda plants, which tend to reside in right-to-work states and are free from union pillaging, are booming. This provision moves the conversation away from bailing out a few unionized auto companies which failed to negotiate aggressively with the UAW, and toward a pro-taxpayer, free market solution.
I look forward to the debate on H.R. 7298.