Tax Increases in President’s Budget Block Growth
Manufacturers Seek Pro-Growth Agenda from Administration
National Association of Manufacturers (NAM) Senior Vice President of Policy and Government Relations Aric Newhouse issued this statement in response to the release of the President’s budget for fiscal year 2015:
“The President’s budget delivers damaging tax increases for manufacturers in every industry sector, from small manufacturers to global companies. In addition, this budget, like previous incarnations, takes aim at energy producers with provisions that would only increase energy costs in the United States and significantly undermine our potential for growth.
However, there are several important provisions that would benefit manufacturers. A permanent R&D credit, along with the manufacturing hubs being opened across the United States, would strongly benefit long-term innovation. Manufacturers appreciate the President’s commitment to transportation and infrastructure funding. His emphasis on workforce development is an essential part of solving the skills gap, which has limited manufacturers’ ability to hire necessary workers. Unfortunately, these pro-growth proposals find themselves in the shadow of job-killing tax increases.
A budget proposal represents an opportunity to create an environment that encourages job and economic growth. The NAM will continue to work with the Administration and Congress to adopt a budget that will make manufacturers in the United States more competitive.”