[Tree] Tax priorities in manufacturing sector, Manufacturing growth, Tax increases on manufacturers
Version 0.15 (2024-06-28 22:53:29.846000)
updates: Congressional leaders collaborate with manufacturers to preserve tax code
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Version 0.14 (2024-06-26 14:55:21.160000)
updates: The National Association of Manufacturers (NAM) released its Manufacturers’ Outlook Survey for the second quarter of 2024, highlighting 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.
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Version 0.13 (2024-06-22 08:53:14.423000)
updates: Rep. Walberg's visit to Madsen Steel Wire Products
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Version 0.12 (2024-06-11 20:54:07.064000)
updates: The National Association of Manufacturers (NAM) has launched a campaign called “Manufacturing Wins” to educate legislators, candidates, and the Biden administration on the urgent need to preserve pro-growth tax policies that are set to expire at the end of next year. The campaign aims to ensure that Congress preserves the critical reforms from the 2017 Tax Cuts and Jobs Act to avoid significant economic damage in the manufacturing sector and the broader economy. If these tax provisions are not preserved, virtually all manufacturers will face devastating tax increases that will cost manufacturing jobs, stifle growth, and hinder innovation. Small manufacturers, particularly those organized as pass-through businesses, will face increases in income taxes and a loss of the 20% pass-through deduction. Family-owned manufacturers will experience changes to the estate tax that subject more of their assets to taxation. Investments in manufacturing growth will be delayed without action to restore immediate R&D expensing, accelerated depreciation for capital equipment purchases, and a pro-growth interest deductibility standard. A recent NAM survey found that if Congress fails to prevent the 2025 expirations, 73% of manufacturers would be forced to limit their capital investments, 65% would have to reduce job creation, and 52% would spend less on R&D. The survey also revealed that 93% of pass-through manufacturers believe that the loss of the pass-through deduction would harm their ability to grow, create jobs, and invest in their business. The NAM is urging Congress to build on the promise of tax reform to enable manufacturers to do more. The campaign includes a tax priorities document submitted to key congressional committees and a hub for 2025 tax content and opportunities for manufacturers to share their stories with Congress and the administration. The NAM is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. The House Committee on Ways and Means has formed tax working groups to find legislative solutions to the expiration of pro-growth tax policies at the end of 2025. Each working group will focus on an area of the economy affected by the sunsetting of certain measures in the Tax Cuts and Jobs Act. Ways and Means Committee Vice Chairman Vern Buchanan will lead the American Manufacturing tax working group, which will examine the effects of pro-growth tax policies on the manufacturing sector. The National Association of Manufacturers (NAM) has advocated for the extension and reinstatement of manufacturing-critical tax provisions. NAM Managing Vice President of Policy Chris Netram highlighted the positive effect of tax reform on manufacturing job creation and emphasized the need to preserve pro-growth business provisions. NAM will engage with the tax working groups to ensure the extension and reinstatement of manufacturing-critical tax provisions. The American Legislative Exchange Council (ALEC) and state lawmakers are urging the 118th United States Congress to permanently extend the provisions of the Tax Cuts and Jobs Act of 2017. The tax cuts have been credited with increasing the productivity of the American economy, allowing taxpayers to keep more of their income, and spurring economic growth. The 2017 tax cuts reduced federal tax rates for households across all income levels, resulting in an average tax cut of over $1,500 for middle-income earners. If the provisions of the Tax Cuts and Jobs Act expire, the federal tax base will narrow, and the state and local tax (SALT) deduction cap will be eliminated, potentially incentivizing higher state taxes. The ALEC and state lawmakers argue that allowing the tax cuts to expire would harm American taxpayers, slow economic growth, and reduce America's global competitiveness. The letter is signed by numerous state lawmakers from various states. The National Association of Manufacturers (NAM) has launched an industry-wide effort to educate Congress and the administration on the need for urgent action to preserve the pro-growth 2017 tax reform provisions set to expire at the end of 2025. Critical tax reform provisions are set to expire at the end of 2025, resulting in significant tax increases for virtually all manufacturers. A recent NAM survey found that 94% of manufacturers believe Congress should act before the end of 2025 to prevent these tax increases. If Congress fails to act, 73% of manufacturers would be forced to limit capital investments, 65% would have to reduce job creation and 52% would spend less on R&D, among other damaging impacts. Additionally, 93% of pass-through manufacturers said that the loss of the pass-through deduction, which ensures a level-playing field for small businesses that pay tax at individual tax rates, would harm their ability to grow, create jobs and invest in their business. [9bbd6358]
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Version 0.11 (2024-06-11 18:54:32.135000)
updates: The National Association of Manufacturers (NAM) has launched an industry-wide effort to educate Congress and the administration on the need for urgent action to preserve the pro-growth 2017 tax reform provisions set to expire at the end of 2025.
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Version 0.1 (2024-06-11 16:55:48.811000)
updates: Manufacturers launch campaign to extend tax provisions
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Version 0.09 (2024-05-22 14:52:03.877000)
updates: Integration of ALEC's call for permanent extension of tax cuts
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Version 0.08 (2024-04-30 17:53:33.756000)
updates: The House Committee on Ways and Means forms tax working groups to address the expiration of pro-growth tax policies.
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Version 0.07 (2024-04-17 18:19:14.953000)
updates: NFIB urges Congress to make Small Business Deduction permanent
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Version 0.06 (2024-04-16 19:20:11.839000)
updates: Inclusion of NFIB President Brad Close urging Congress to pass the Main Street Tax Certainty Act to make the 20% Small Business Deduction permanent
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Version 0.05 (2024-04-12 14:18:36.547000)
updates: Testimony from Austin Ramirez before the House Ways and Means Committee
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Version 0.04 (2024-03-22 19:21:19.632000)
updates: The new information provides details about the Tax Relief for American Families and Workers Act and the NAM's advocacy efforts on other tax policies.
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Version 0.03 (2024-03-14 01:19:43.246000)
updates: Updated with testimony from Courtney Silver before the Senate Finance Committee
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Version 0.02 (2024-03-13 15:22:02.018000)
updates: Testimony from Courtney Silver and the NAM urging the Senate to extend tax policies
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Version 0.01 (2023-10-20 16:21:45.112000)
updates: The new narrative provides a comprehensive overview of the impact of the stricter interest expense limitation and emphasizes the need for Congress to take action.
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