Levin Statement in Support of the Small Business and Infrastructure Jobs Tax Act

(Washington D.C.)- This, indeed, is a jobs bill.  It’s a continuation of the work in this Congress by some of us to spur job creation to recover from the 8.4 million jobs lost in this recession and to improve the quality of life in our communities.  The cornerstone, indeed, of this package is an extension of the Build America Bonds program.  It’s been an effective tool in job creation. It’s been a vital resource for State and local governments looking to advance infrastructure programs.

Mr. Camp talks about the number of States--I think you referred to 47--where jobs have been lost.  I think every one of those States--it’s 47--has benefitted from the Build America Bonds program.  The money goes to local communities for infrastructure, and that creates jobs.  That’s what finance experts have said about BABs.  It’s one of the economic recovery effort’s biggest successes.  As I mentioned, as of March 1, 2010, State and local governments have used BABs to finance more than $78 billion in infrastructure programs.

Now, as to small business.  The legislation excludes 100 percent of capital gains on small business stock to help encourage immediate investments in growth.  It will, in turn, help our small businesses hire new workers and continue fueling our economic recovery.  Also included are provisions to remove onerous penalties from small businesses so they can create more jobs.  Also, there's a provision, an important one, to reduce the barrier of startup expenses on new businesses.

The bill would also extend, for 1 year, the TANF emergency contingency fund.  The Governors Association has said this fund helps “speed economic recovery through subsidized employment and training programs.”

This bill is completely offset and will not add a dime to the Federal deficit.  The bill is offset with provisions to ensure compliance with our tax laws, close down a loophole that allows paper companies to claim a $1.01 per gallon tax credit for highly corrosive fuel waste products, and it does crack down on foreign tax haven corporations that are taking advantage of the U.S. tax treaty network in order to dodge U.S. taxes.  And to just say you’re opposed to any tax increases?  Tax increases on people who are avoiding paying legitimate taxes.  I have a chart here, in very simple terms, that spells out how these companies, these foreign corporations that are not part of a tax-treaty country, how they evade taxes through a gimmick.  And to oppose this because of that, I think, is very, very inappropriate.

So, in a word, this bill is another significant step towards helping our country continue down the path of economic recovery and job creation.  It should be a bipartisan bill.  In the markup that we held, there wasn’t a single amendment offered by the minority to strike a specific jobs provision here.  This Congress will continue to take additional targeted and effective steps to accelerate economic recovery for American families. And I say with sadness, as I hear Mr. Camp speak, that it looks like it will not receive the bipartisan support it so fully deserves.