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Camp Floor Statement: Repeal of 3 Percent Withholding Provision on Government Contractors
Thursday, October 27, 2011
Job creators know all too well that this provision – like many efforts to increase federal revenue and tax compliance – is lined with paperwork, complexity and costs - all of the things that hinder, rather than help, promote a climate for job creation.
By considering and passing this bipartisan bill, we will unlock new opportunities for hiring. Job creators have told us just that, and it is why this legislation has the support of a diverse coalition of more than 170 groups – including the Government Withholding Relief Coalition.
Like those job creators, others recognize the need for repeal, including President Obama. In the Statement of Administration Policy in support of H.R. 674 the Administration noted that, “The effect of the repeal of the withholding requirement would be to avoid a decrease in cash flow to these contractors, which would allow them to retain these funds and use them to create jobs and pay suppliers.”
Mr. Speaker, I couldn’t agree more. Supporting the repeal of the 3 percent withholding law is a demonstration that Washington can work together. With a strong bipartisan vote we can reduce the uncertainty facing America’s job creators, and we can free up valuable resources businesses can use for hiring. I ask my colleagues to vote yes on H.R. 674 and urge the Senate to swiftly take up and pass this legislation.