Tax & Budget

Tax and Budget Header

The NAM is leading the charge for substantive, thoughtful reforms that will lift manufacturers in the United States and our overall economy to greater heights.

  • Capital Cost Recovery
  • Employee Benefits and Retirement Security
  • International Tax
  • Federal Spending (Including: Defense Manufacturing, Debt Ceiling, Deficit Reduction, Entitlement Reform)
  • R&D
  • Small Business Tax
  • State Tax
  • Tax Rates and Base Broadeners
  • Tax Reform

Our nation’s tax system, with extremely high rates, a host of temporary provisions and out-of-date international rules, has created an uncertain environment that consistently undermines manufacturers’ ability to compete and succeed in the global marketplace.

Manufacturers believe that comprehensive tax reform is essential to unleashing the economic power of manufacturing and making the United States the best place in the world to manufacture and attract foreign direct investment.

There are things policy makers can do to create a tax climate that encourages innovation and spurs investment, job creation and economic growth. Key ingredients for comprehensive tax reform plan include:

  • A Lower Corporate Tax Rate;
  • Lower Tax Rates for Small and Medium-Sized Manufacturers;
  • A Strong, Permanent and Competitive R&D Incentive;
  • A Modern International Tax System; and
  • A Robust Capital Cost-Recovery System.

While the NAM is a strong advocate for comprehensive reform of our current tax code, until policymakers can agree on a reform plan, we need to keep our current tax system in place. Piecemeal changes to longstanding rules will inject more uncertainty into business planning, making U.S. companies even less competitive.

Manufacturers are concerned about the impact of historically-high levels of the federal deficit and the debt on the overall U.S. economy. In addition to comprehensive reform of our tax code, the NAM supports efforts to rein in federal spending. While policy makers must focus on reforming entitlement spending, which includes Social Security and Medicare, they also need to consider cuts to discretionary spending, which accounts for about 35 percent of total federal spending.

At the same time, NAM recognizes that some federal spending is necessary and indeed critical to our national’s overall economic and national security. 

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NAM in the News

  • 11/12/2015
    Combating Economic Headwinds with Stable, Pro-Investment Tax Policy (The Hill)
    "While it’s true the economy is growing, that growth has been anything but steady—and in some cases, downright unpredictable—for U.S. companies and families."
  • 10/14/2015
    Overstepping Boundaries (The Hill)
    “Every time it looks like we’ve turned a corner, we hit a new stumbling block. Just last week, for example, the Organization for Economic Co-operation and Development (OECD) recommended a new set of avoidable business challenges, all in the name of fair global taxation.”
  • 10/08/2015
    Morning Tax (Politico)
    “Dorothy Coleman, vice president of tax and economic policy at the NAM, is warning Congress to “take a close look” at the BEPS proposal.”

Press Releases

  • 12/30/2015
    2015: A Year of Historic Victories for Manufacturers

    NAM President and CEO Jay Timmons issued a statement after a year of historic victories for America’s manufacturers and job creators.

  • 12/18/2015
    Timmons: This Is an Historic Victory for Our Country

    NAM President and CEO Jay Timmons issued the following statement after Congress passed historic spending legislation with many key manufacturing priorities including significant business tax relief, an end to the ban on crude oil exports, a two-year delay of the Cadillac tax, a repeal of onerous Country-of-Origin labeling requirements and new rules to ease the public–private exchange of cybersecurity information.

  • 12/16/2015
    Manufacturers Applaud Historic Agreement on Tax Provisions
    The NAM welcomed a bipartisan agreement by Congress on a package of tax provisionscritical to manufacturing growth and competition.

  • 02/08/2016
    Another Bad Idea Coming Out of Brussels
    Recent reports that the European Union is working on legislation to require global companies to publically disclose tax and other financial information is raising red flags for U.S. manufacturers that...
  • 02/03/2016
    Time to Make Corporate Disclosures More Efficient
    The disclosure burden facing public companies is already overwhelming. For example, corporate proxy statements for annual meetings now average between 60 and 80 pages, up from 30 pages a decade...
  • 02/01/2016
    Setting the Record Straight on Corporate Taxes
    As strong and vocal advocates for comprehensive tax reform that includes lower corporate tax rates and a modern, territorial tax system, manufacturers applaud the Alliance for Competitive Taxation (ACT) for...
  • 01/29/2016
    BEPS: a Continuing Threat to U.S. Competitiveness
    In comments on January 28th, House Ways and Means Committee Chairman Kevin Brady (R-TX) said that the European Commission’s latest efforts to implement recommendations in the Organisation for Economic Cooperation...
  • 01/11/2016
    New Year’s Resolutions and the President’s State of the Union
    Manufacturers continue to hope this year’s State of the Union speech, to be delivered by President Obama tomorrow night, will include a 2016 resolution to what would finally be a...