Increase in Bonus Depreciation Will Help Provide Millions of Jobs

Today, Rep. Joe Wilson (R-S.C.) made the following remarks on the House Floor:"Mr. Speaker, I rise today to applaud the Jobs and Growth plan developed by Ways and Means Chairman Bill Thomas. He has worked hard to include the best of President George W. Bush's solutions to provide more jobs for Americans and giving our economy an immediate boost," said Rep. Wilson."Particularly, I am appreciative that Bonus Depreciation will be increased from 30% to 50% for three years if this plan is passed, an initiative similar to (H.R. 223) The Business Expensing Act of 2003, which I introduced this year. This proposal was championed by Rep. Jerry Weller, recognizing that when businesses can save money immediately on buying new equipment, more money is put into the economy and more jobs are created."The Heritage Foundation has estimated that this jobs and growth plan will create 1.2 million new jobs by the end of 2004 alone. Americans need jobs and the economy needs a boost right now. This plan is exactly the right plan at the right time."In conclusion, God bless our troops," said Rep. Wilson.###