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Last year, Congress failed to act on Miscellaneous Tariff Bill (MTB) legislation, and as a result, manufacturers have been paying substantially higher taxes on essential manufacturing inputs since January 1, 2013. These higher costs have been hurting manufacturers’ competitiveness in the global economy and threaten job creation and growth for more than a year. On July 17, 2013, the MTB was introduced in the House of Representatives. Congress must act quickly to prevent further cost increases and job losses.
According to the NAM’s new economic impact assessment of the MTB, failure to pass the MTB will result in a tax hike on manufacturers of $748 million over the next three years alone, and in economic losses of $1.857 billion over three years. For three decades, Congress has supported manufacturing in America by suspending import taxes on necessary manufacturing inputs that are not available in the United States and must be imported from other countries.