Leader Cantor Delivers Remarks In Support Of American Research And Competitiveness Act

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“Mr. Speaker, I rise today in strong support of the American Research and Competitiveness Act.

“Mr. Speaker, right now America isn’t working for too many people. Last month alone 800,000 people left the work force and many more continue to search for a job. Working people are having a tough time too, they’re having a tough time climbing the economic ladder of success partly because America is struggling to remain competitive in the global market place.

“However, we have an opportunity to change that today by passing this legislation and improving the R&D tax credit and making it permanent.

“This action will grant the United States a chance to compete for more Research and Development investment dollars while manufacturers are being courted by other countries that have more stable R&D tax incentives and lower corporate tax rates. But the positive economic impact will not be constrained to manufacturing alone. It will also bring new investments to the energy industry, medical research, STEM advancements and information technology, among others.

“A 2011 study by Ernst and Young found that strengthening the R&D tax credit would raise wages by up to $3 billion in the short term and $8 billion in the long term. It would also increase employment related to research by 130,000 in the short term and over 300,000 in the long term. With the American economy sputtering along, this bill creates an opportunity that we simply cannot afford to pass up.

“Mr. Speaker, to put it simply, this legislation is about jobs. This legislation is about giving American workers and middle class families a chance at new opportunities. This legislation is about creating an America that works again; an America that works again for everybody.

“Let’s stand together in a bi-partisan fashion and pass this bill so that we can help turn this economy around and begin to move in the right direction once again.

“I’d like to thank Chairman Camp for his leadership in bringing this bill forward, Congressman Brady, and the rest of the Ways and Means Committee for their hard work on this issue and I urge my colleagues in the House to support this bill.”

 

 

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