Yakym Says Biden's Tax Policies are Hurting Hoosiers

Source: CSPAN

STATEWIDE–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.

You can hear the full audio from Yakym below.

Yakym and more than 140 of his colleagues are calling for the full return of expensing for research and development and expenditures.