Springfield, PA – Representative Bryan Lentz, the Democratic nominee for Congress in Pennsylvania’s 7th Congressional District, today applauded President Obama for his proposal to let companies write off the cost of investing in new equipment to create more jobs. Lentz has called for similar incentives as part of his 10-week, 25-stop jobs tour after multiple business owners he met with agreed they would start investing in their companies if such incentives were offered.
With news outlets reporting that companies are holding onto a record $1.3 trillion in cash due to economic uncertainty, Lentz has maintained that the best way to encourage new investment and job creation is by providing companies with a powerful incentives to put their money to use. Tax breaks for investing money in new machinery and for researching and developing new products would create new jobs, while keeping businesses competitive with overseas producers.
Since mid-July, Lentz has been meeting with business owners across the District to address their economic concerns. Many owners told Lentz that large tax breaks for investing in new equipment and research would provide them with incentives to begin projects that they were holding off on due to economic uncertainty, he said.
The impact of the tax breaks on job creation would reach far beyond the companies that made the initial investment. Jobs would be created along the entire length of the chain that supplied the new equipment that was purchased, including the makers of the new equipment and shipping companies.
“The economic activity that these tax breaks generate will have a powerful impact on job creation across a broad range of industries,” Lentz said.
Lentz launched his 10-week, 25-stop economic listening tour at the end of July. Recent stops on the tour included a town hall forum in Crum Lynne on jobs and the economy, and a tour of Aztec Solar, one of the region’s largest installers of commercial and residential solar power systems.
Lentz has already introduced a five-point proposal for generating job growth, including giving companies incentives to invest and expand, and providing educational opportunities to train employees in fields where demand is growing, like math and engineering. He said he would use the ten-week tour of businesses in Delaware, Chester and Montgomery counties to further fine tune his proposal to target the demands of local businesses and working families.
Lentz has made saving and creating jobs the cornerstone of his campaign for Congress. He is the only candidate with a published plan to get our economy moving again and the only candidate who supports Wall Street reform and the creation of a consumer financial protection agency to ensure another collapse does not happen. Lentz has also pledged to end tax breaks for companies that ship jobs overseas while his opponent Pat Meehan has signed a pledge that has bound him to oppose legislation that has been introduced to end those tax breaks.
A former Airborne Ranger, criminal prosecutor and Iraq War veteran, Bryan Lentz currently serves in the Pennsylvania House of Representatives from Delaware County. He was awarded both the Bronze Star for Service and the War on Terrorism Expeditionary Medal for his military service. He lives in Swarthmore with his wife Jennifer and their son Thomas.