Manufacturers: President’s Budget Plan Falls Short

WASHINGTON, D.C., 02/14/11 -  National Association of Manufacturers (NAM) Senior Vice President for Policy and Government Relations Aric Newhouse issued this statement today following the release of President Obama’s budget for fiscal year 2012:

“We are pleased that the President recognizes the importance of research and development (R&D) to our economy. The President’s call for a strengthened and permanent R&D tax credit is critical to innovation. Additionally, proposals to support manufacturing technology and innovation by funding robust protection of intellectual property, the deployment of the next generation broadband, and an increase in basic research funding have the potential to positively impact jobs and economic growth.

Unfortunately, President Obama’s budget plan also contains higher taxes for virtually all manufacturers – a direct threat to growth and manufacturing jobs. Increased income taxes on companies with worldwide operations, increased energy taxes and income taxes for small and medium-sized companies will make manufacturers less competitive.

We look forward to working with the Administration and Congress to advance policies that will keep the U.S. the best country in the world to manufacture.”