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 .  