Manufacturers: Extension of Tax Cuts Critical for Jobs and Economy
Over 70 Percent of Manufacturers File Income Taxes at Individual Rate
The National Association of Manufacturers (NAM) President and CEO John Engler issued a statement today following President Obama’s remarks on the economy:
“Allowing taxes to increase in this economic environment will destroy jobs, business expansion and economic growth. According to Internal Revenue Service (IRS) data, 73 percent of manufacturers in this country pay income taxes at the individual rate. Increasing their costs will stifle economic recovery and create even more uncertainty.
Over the past few days, the Administration has put forth positive proposals manufacturers have long supported – a permanent and strengthened research and development (R&D) tax credit and 100-percent expensing to spur investment. However, pairing these pro-growth incentives with tax increases will only neutralize or make these positive proposals even more harmful to our current economic challenges.
Manufacturers desperately need incentives that will allow them to grow, invest, create jobs and compete in the global marketplace – not incentives that pit business against business and industry sector against industry sector with job-destroying tax increases.
We will continue to advocate for the policies laid out in our ‘Manufacturing Strategy for Jobs and a Competitive America.’ This Strategy provides a clear roadmap for policies that will allow manufacturers to create jobs and compete. To read it, visit www.nam.org/manufacturingstrategy.”