ICYMI: NAM’s Timmons: Tax Reform Must Go Bold

“Our President Has Given Us The Right Play. Our Leaders In Congress Should Run It, Not Fumble The Ball By Thinking We Can’t Win His Way.”

Tax Reform Must Go Bold
Excerpts from Real Clear Politics
By: NAM President & CEO Jay Timmons
September 20, 2017

“ … [A] commitment to winning is exactly what we need as we enter the critical drive for tax reform that can increase workers’ paychecks, reduce the cost of living and bolster savings for the future …

“Today, businesses in America face the highest corporate statutory rate among the 35 industrialized nations in the Organization for Economic Co-operation and Development. The top rate in America can exceed 39 percent when you add up the federal and state rates. That’s more than 50 percent higher than the average OECD rate …

“But it’s not just the corporate rate that is essential to reform. We must stop treating our small businesses — those that file at the individual rate — as an afterthought. We have to seriously lower rates on small businesses.

“Many small businesses face marginal tax rates of more than 44 percent, thanks in part to the additional taxes from the Affordable Care Act. That’s shameful …  

“In addition, we have to stop punishing U.S. companies, which have already stuck with us in the face of a punishing tax code, when they reinvest overseas earnings back into the United States. American-based companies are double-taxed on overseas earnings brought back home while foreign-based companies are not. 

“We need to fix this by moving to a territorial tax system like the rest of the world, so more companies can invest in American workers and facilities without paying a steep price for doing so.

“Manufacturers will also be looking for strong incentives for research and development as well as robust capital expensing — both of which translate into more investment in the United States and more American jobs.

“Manufacturers expect our leaders to fight for these priorities, in particular the 15 percent corporate tax rate and major cuts to small business taxes …

“There are some out there who are nervous about short-term deficits. Let’s be clear: Tax reform is not about what happens in the short term. It’s about building the foundation for the long-term strength of our families, our companies and our economy …

“Our president has given us the right play. Our leaders in Congress should run it, not fumble the ball by thinking we can’t win his way. Let’s think long-term and act boldly. Our future depends on it.”

-NAM-


The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.17 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org..

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