Straw-Into-Gold Tax Break Would Add $287 Billion to Deficit

The Ways & Means Committee approved a bill to make a bonus depreciation tax break permanent that would add nearly $300 billion to the deficit. U.S. Rep. Lloyd Doggett (D-Texas) noted that the legislation is not supported by the evidence. For every dollar spent on this tax break, there is a return on investment of about 20 cents. “At the same time we are told there is not enough for our schools or crumbling infrastructure, we cannot afford another ‘bonus’ for business. Like the ancient alchemists who thought they could change straw into gold, this bill won’t stimulate our economy. I’m for pro-growth, pro-job creation policies, but we should not waste money on tax benefits that don’t work.” Watch the video of Rep. Lloyd Doggett’s comments here.