Federal Tax Policy Is Crucial For Manufacturers’ Growth
Randy Wolken, President & CEO
A pro-manufacturing tax policy is vital to keeping U.S. manufacturers competitive. We need all candidates to commit to meaningful action during this federal election cycle. For instance, failure to act before the end of next year, when key provisions from the 2017 tax reform are set to expire, would result in significantly higher taxes on nearly all manufacturers. This will undoubtedly cost millions of jobs and put the American manufacturing sector at a severe disadvantage globally.
MACNY supports the dedicated and detailed efforts of the National Association of Manufacturers (NAM) to champion key tax provisions that will expire and other key provisions that have already expired, making U.S. manufacturing less innovative. Innovation and competitiveness are the only paths to a robust manufacturing-fueled growth economy.
NAM has created multiple tax teams to address a myriad of tax changes that are coming or will occur next year. The Main Street Tax Team has called upon Congress to preserve the reduced individual income tax rates of 20% for pass-through manufacturers. Its Global Competitiveness Tax Team and its Supply Chain Tax Team are seeking to keep a 21% corporate tax rate so we can be competitive globally. Without renewing this provision, the U.S. could return to the highest corporate tax rate in the world.
Other tax proposals include the damage that the estate tax can do to small manufacturing businesses and why Congress should allow family-owned assets to be exempt from the estate tax. And finally, NAM’s U.S. Innovation Tax Team calls for critical provisions of the R&D Tax Credit to be reinstated to keep innovation at the forefront of our state and country’s manufacturing sector.
Please join MACNY in reaching out to all Senate and House members to focus on having the best tax environment for manufacturing anywhere in the world. Manufacturers face global competition daily and need the full support of Federal Officials. We ask that you take action using our new online tool that allows you to input a few details and easily submit an email to legislators. Click here to join our efforts to preserve Federal Tax Reform for Manufacturers.
In the future, you will continue to see us using this new, simple-to-use advocacy software tool that allows you to voice your opinion directly to your representatives. If you are interested in learning more about this, please get in touch with Tiffany Latino-Gerlock at [email protected].