mr. speaker , i rise today in support of the tax relief extension act . 
let me make absolutely clear what this bill does . 
the bill will prevent automatic tax increases on millions of americans and their families . 
unless congress acts , individuals will pay higher taxes on their savings ; businesses will lose valuable incentives to provide research in the united states ; small businesses will lose the ability to expense new equipment , essential to the support of new employees . 
these are all benefits taxpayers have today , and our bill simply preserves them . 
the bill does not increase taxes . 
the bill does not reduce taxes . 
the bill merely preserves the current tax policy that has driven 4.3 percent growth and is creating millions of new jobs . 
according to the irs in my home state of connecticut , there are 550 , 000 taxpayers who receive dividend income ; 153 , 000 of those have incomes below $ 30 , 000 a year . 
right now they pay 5 percent taxes on dividend incomes . 
in 2008 low-income taxpayers will pay zero taxes on dividend income . 
if we fail to act , however , they will pay taxes as high as 25 percent . 
a widow living on $ 30 , 000 a year could see her tax bill increase by $ 1 , 200 a year . 
that would be wrong . 
this bill needs to be passed . 
it deserves to be passed . 
it also needs to be passed and deserves to be passed because it extends and enhances the r & amp ; d tax credit . 
at a time when other nations are providing or have provided permanent and richer incentives for research , we need to recognize the job-producing benefits of this tax credit . 
mr. speaker , we remain a world leader in patents and discoveries , but other nations are closing in . 
advances in technology and innovation are what drive growth and ultimately create higher standards of living for all of us . 
we need to ask ourselves , do we want the next major scientific breakthrough to happen in germany or china ? 
do we want other countries to be the leaders in the patents for the next generation of technology ? 
finally , i would be remiss if i failed to mention incentives for small business expensing . 
small business is the engine of our economy . 
our bill allows small businesses to immediately expense up to $ 100 , 000 of equipment . 
when we first adopted this provision , we saw investment in equipment skyrocket , go right straight up . 
lowering the cost of capital encourages small businesses to invest in machines , trucks , and other equipment and hire new people . 
with 25 million small businesses accounting for two of three new jobs created , expensing supports these small businesses . 
mr. speaker , i urge passage of this legislation . 
