Rep. Tim Walberg (R-MI) visited Madsen Steel Wire Products in Bronson, Michigan to discuss critical tax priorities with company leadership and members of the National Association of Manufacturers (NAM). The visit focused on the importance of maintaining a competitive tax code to support growth and innovation in the manufacturing sector. Madsen Steel Wire Products General Manager Steve Cochran highlighted how tax reform in 2017 enabled significant investments in new equipment and workforce expansion. The visit also emphasized the economic impact of manufacturing on local communities.
A recent survey by the NAM found that 94% of manufacturers believe Congress should act before the end of 2025 to prevent tax increases. If tax increases take effect, 73% of manufacturers would limit capital investments and 65% would reduce job creation. Rep. Walberg emphasized the need to ensure that the tax code continues to support manufacturing and maintain a level playing field.
The NAM has launched an initiative to preserve tax reform and prevent tax increases. Congress must act before the end of 2025 to support manufacturing and the economic stability and growth of local communities. According to the National Association of Manufacturers (NAM), the Manufacturers’ Outlook Survey for the second quarter of 2024 highlights the need for Congress to prevent tax increases that will limit job creation, support for communities, and global competitiveness. The survey found that if Congress does not act, increased taxes will limit capital investment opportunities, decrease job creation, increase difficulty competing globally, and reduce R&D spending. Nearly 94% of respondents agree that Congress should act before the end of 2025 to prevent scheduled tax increases on manufacturers. The NAM is urging Congress to reinstate critical provisions that have already expired or begun phasing out, and to protect those set to expire at the end of 2025.
The National Association of Manufacturers (NAM) hosted congressional leaders to find solutions to keep a pro-manufacturing tax code intact. The 2017 tax reforms helped manufacturers create jobs, raise wages, strengthen production, and reinvest in their communities. However, many of these policies are set to expire at the end of 2025, creating a "tax cliff" that would be devastating to manufacturers. The House Ways and Means Committee has established a set of 10 "tax teams" to focus on various areas of the economy affected by the expiration of tax reform, including one dedicated to manufacturing. The NAM hosted the Manufacturing Tax Team for a roundtable discussion with manufacturers, joined by Rep. Vern Buchanan (R-FL), who chairs the group, and Manufacturing Tax Team members Reps. Claudia Tenney (R-NY) and Nicole Malliotakis (R-NY). The discussion covered the importance of 2017 tax reform to American manufacturing, the benefits of the pass-through deduction and the decrease in the top individual income tax rate for small manufacturers, and the need to preserve the 21% corporate tax rate and tax incentives for job-creating investments. Congress must act before the end of 2025 to prevent devastating tax increases, and manufacturers are working closely with lawmakers to prevent these increases and support manufacturing and economic growth. [329803b2]