INDIANAPOLIS, Ind. (NETWORK INDIANA): Indiana Republican Congressman Rudy Yakym says President Biden’s tax policies are hurting Hoosier businesses.
Yakym represents Indiana’s second Congressional district, which includes South Bend, Elkhart, and Warsaw. He says the Republican-led House has the opportunity to provide more certainty to taxpayers.
“They need to bring back full and immediate deductions for research and development, capital expenditures, and by undoing lower interest deductibility limitations,” said Yakym on the House floor on Friday.
Yakym gave an example of something that happened to a company in his district.
“A major medical device company in my district had a $60 million impact in 2022 because they couldn’t fully deduct their research and development expenses. They expect a similar hit for 2023. That’s a huge amount of money to be sucked out of our economy unnecessarily,” said Yakym.
He says that is not the only business being affected.
“Family owned restaurants are telling me they are putting off buying new kitchen equipment. Engineering firms that build our roads and bridges are holding off on new cutting edge software. Suppliers to the RV and auto industry are spending less money on new machinery,” said Yakym.
Yakym and more than 140 of his colleagues are calling for the full return of expensing for research and development and expenditures.
1 comment
Rudy, his colleagues from Indiana and the other two stooges in the US Senate should be calling out EVERY policy of Calamity Joe Chaos. EVERY POLICY!!!
Name one that has been successful at fulfilling his oath of office or following the US Constitution or the law duly passed and signed by a president. At every turn Biden violates either the laws, the Constitutions, our our hard won rights protected by the Bill of Rights. EVERY POLICY!!
Yet for the most part, all we get from all those republicans Hoosiers voted for is CRICKETS!! All we get from Toad Young and all the others manage to get their mugs in the press. But it is usually some innocuous or mundane issues that has nothing to do with the kitchen table issues that concerns Hoosiers. Mostly they ignore the millions of who know who that are streaming across the border. Yet they still vote for more money for the administration so they can violate the law even more.
Key Words: UNSUSTAINABLE and ILLEGAL. Violation of the oath of office writ very large.
No one recognizes these violations because they are purposely kept ignorant by the education system.