Research Tax Credit Passage - Vote Passed (274-131, 26 Not Voting)
House passed legislation that would permit companies that incur
research and development expenses in the United States to deduct up to
20 percent of the amount in which their qualified research expenses
exceed a calculated base amount for the current taxable year. It would
also permanently extend and expand a tax break for university and
corporate research expenses that expired in December 2013. Sixty-two
Democrats joined all but one Republican to support the bill.
Rep. Paul Cook voted YES
Sounds good? Not really as the corporations ALREADY get a tax break for research and development as do the for-profit research entities attached to the universities and colleges. Why are we giving a double tax break to for profit corporations? It's not like they are in need of the break--its just another product of the corporate give away culture Paul Cook is part of.
Bob (my position)--examine the need and look at the revenue stream created (and jobs we create HERE). Do we need the research and development done here and the jobs and manufacturing shipped overseas (so the corporations can get ANOTHER write off?). Does this guy (Cook) have a brain or is he just another Boehner lemming?