“Full Expensing is Probably the Most Powerful Tool”
WASHINGTON — Today, Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee, questioned U.S. Secretary of the Treasury Scott Bessent about the importance of fiscal responsibility and the pro-growth benefits of President Trump’s “One Big, Beautiful Bill.” This bill includes provisions for full expensing and tax relief for small businesses.
Click here or the image above to view Congressman Buchanan’s remarks.
Here’s what Buchanan said about the “One Big, Beautiful Bill” and how it supports America’s job creators and restores economic prosperity:
Ways and Means Republicans are Addressing the Deficit
Rep. Buchanan: “Mr. Secretary, thank you for being here today. There’s no doubt that your knowledge of finance and global markets bring a unique, welcomed perspective to the Treasury, and this country is fortunate to have your leadership. ... The reality is, over the last 20 years, we are over $20 trillion in additional debt. ... I look at all these younger people out here, what we’re leaving them is deplorable, and I just want to make sure that we’re giving as much consideration as we can to that. 49 out of 50 governors have to balance the budget. It’s my biggest issue up here. ... When you spend last year, you take in $5 trillion and spend $7 trillion, and you average over $1 trillion a year [in spending to service the debt] for over the last 20 years, we need to get real about it. ... Can you just touch on your thoughts about where we’re at and where we’re going as it relates to that?”
Sec. Bessent: “Congressman, I’ve enjoyed our conversations in the past. You, as a very successful private businessman, understand the power of this tax bill, especially in the expensing. You and I discussed it in great detail. Look, we do not have a revenue problem; we have a spending problem. We are right in line with the long-term revenues of approximately 17 to 18 percent of GDP. What we’ve seen here is a blowout in the spending.”
Full Expensing for America’s Job Creators
Rep. Buchanan: “100 percent expensing is like jet fuel and 199A is huge. These are huge opportunities to make a big difference for small businesses. To me, I’m so passionate about it because they’re the job creators. Can you comment on that, your thoughts on 199A and 100 percent expensing?
Sec. Bessent: “Congressman, I will very quickly comment on two things. It is the 100 percent expensing that is powerful, and we are adding not only expensing for equipment as in President Trump’s first term, we are adding 100 percent for factory structures. So if you want to build your factory here in the U.S., we want it to be tax efficient, we want you to have regulatory certainty, we want you to have quick permitting, and that is likely the single most powerful aspect.”
Full Expensing is the Most Powerful Tool
Rep. Buchanan: “Full expensing is probably the most powerful tool, whether you’re buying or selling. As someone that’s been in business for 40 years, I can tell you firsthand it’s a powerful tool, a job-creating tool. ... In Florida, I was chairman of the Florida Chamber. One of the big issues there is about making the tax cuts permanent, so they have more certainty and can do planning and investing in terms of going forward. Do you want to add anything to that?”
Sec. Bessent: “Yes sir, I was with a group of business leaders earlier this week, and they were telling me that they are, in fact, holding back on CapEx because they need for the tax bill to pass so that they will have certainty that the 100 percent expensing will come back. I think that we will see a sharp upward break in terms of CapEx as soon as we pass the ‘One Big Beautiful Bill.’”
Buchanan is a respected leader in Florida’s business community and has created thousands of jobs over the course of his career. He previously chaired both the Florida Chamber of Commerce and the Sarasota Chamber of Commerce. Buchanan currently serves as Vice Chairman of the U.S. House Ways and Means Committee.
