ICYMI: Tax Reform is an Opportunity U.S. Can't Afford to Miss

NAM’s Farr: “We Have the Chance to Boost Manufacturing in the United States and Strengthen the Backbone of Our Economy: American Manufacturing Workers.”

Excerpts from CNN.com 

By: Emerson Chairman and CEO and NAM Board Chair David Farr

September 29, 2017

“America is standing at a crossroads. We face a historic opportunity to lift American workers up, grow paychecks, create more jobs and out-compete the rest of the world. We have the chance to boost manufacturing in the United States and strengthen the backbone of our economy: American manufacturing workers …

“The longer we fail to act on tax reform, the more time other countries have to gain an edge on the United States. The more we wait, the less money we will invest in research and development for new technologies or lifesaving breakthroughs …

“First, to stay ahead of the curve, we must cut tax rates for all businesses. Manufacturers have long championed a 15% rate for those organized as corporations. We are encouraged that the framework agreed upon by White House and congressional leaders has gotten close to that.

“We also need similar significant reductions for the two-thirds of manufacturers -- mostly small businesses -- that are organized as pass-throughs and pay taxes at the individual rate …

“Second, the United States needs to catch up with the rest of the world and implement a territorial tax system, which would allow companies to be taxed once on overseas earnings …

“Third, we need a system that encourages businesses to make the kind of investments, such as new equipment, that empowers them to expand their companies, sell to more customers and ultimately create new jobs. Manufacturers also need strong research and development incentives to promote the kind of innovation that drives our country forward.

“A 2015 study from the National Association of Manufacturers showed that a reform package such as this over a 10-year period could add more than $12 trillion in gross domestic product, create more than 6.5 million jobs and increase investment by more than $3.3 trillion …

“On behalf of the more than 12 million Americans who work in manufacturing, we encourage our leaders to be bold and determined and do what is right and best for all Americans: Reform the tax code—now.”

-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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