Tax

Tax reform means money can go where it’s needed most: empowering manufacturing workers to invest in the community, support their families, grow the economy, create more secure jobs, increase wages and make manufacturing in the U.S. more competitive.

Press Releases

Timmons Delivers 2019 NAM State of Manufacturing Address in Houston

Keynote Speech Emphasized the Next Frontier of Manufacturing and Underscored Need to Fill Significant Manufacturing Skills Gap

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons delivered the fifth-annual NAM State of Manufacturing 2019 Address today at Lone Star College – North Harris in Houston, Texas. Timmons addressed Lone Star students, veterans, business leaders and local manufacturers and highlighted the industry’s optimism for the future, manufacturing’s high-tech, innovative nature and the urgent need to recruit the next generation of manufacturers. He also touched on top policy priorities for manufacturers.

Manufacturing is an engine of job creation. It is the source of America’s strength. And what is the state of modern manufacturing in America? Today, manufacturing in America is on the rise. Tax reform was the rocket fuel it was promised to be, and it’s helping us to climb higher and faster than almost anyone thought possible in this century, said Timmons.

Today, people in manufacturing are using technologies that most Americans couldn’t have imagined a few years ago—artificial intelligence, augmented reality. We don’t just have robots; we have ‘co-bots,’ machines that work in tandem with you. And you have manufacturers trying to figure out how quantum computing could revolutionize logistics.

Timmons highlighted the strength of manufacturing in Texas and the job opportunities available to students. He also emphasized the policy solutions that manufacturers want to see from lawmakers—with a focus on a U.S.–China trade deal, approval of the U.S.–Mexico–Canada Agreement, infrastructure investment and meaningful immigration reform. Timmons touted “A Way Forward,” the NAM’s recently released plan for a comprehensive, legislative immigration solution.

To read the full the address, click here.

Technology has transformed our industry. It’s created incredible opportunities. And as we journey further into this new frontier, we want you to be a part of it, Timmons concluded.

Following the address, Timmons toured Lone Star College’s energy, manufacturing and construction workforce program labs, where he met students and talked with them about their trade skill education.

Carolyn Lee, executive director of The Manufacturing Institute, the NAM’s education and workforce partner, continued the tour in Houston at the Microsoft Technology Center with a Heroes MAKE America class from Fort Hood. Heroes MAKE America is The Manufacturing Institute’s career skills program that aims to support transitioning service members with in-demand qualifications and industry-specific certifications needed for today’s manufacturing workforce.

One of our missions here at Lone Star College-North Harris to ensure our students are prepared for the workforce and the promising opportunities in the manufacturing sector, said Dr. Gerald Fernandez Napoles, president of Lone Star College – North Harris. We’re proud to welcome the National Association of Manufacturers and to help tell the story of the rewarding opportunities in manufacturing. Our energy, manufacturing and construction workforce programs are empowering Texans every day to build meaningful careers.

Lee and the Heroes class also toured BP’s Upstream Learning Center with American Petroleum Institute President and CEO Mike Sommers, where they spoke to BP employees about the NAM’s Heroes MAKE America program. Lee ended the day at Bimbo Bakeries for a facility tour.

Manufacturing is vital to the strong Texas economy, said Jeff Moseley, president and CEO of the Texas Association of Business. Today’s event captured the diversity of Texas manufacturers and the ways our technology is transforming the industry and the industry is transforming lives for the better. Modern manufacturing creates good jobs, drives investment and exports and contributes enormously to our local economies. In fact, the Texas manufacturing industry employs around 896,000 Texans and contributes about $226 billion to our state economy. We need to ensure this industry has the tools, and workforce, to continue leading Texas forward.

For the past five years, the annual NAM State of Manufacturing Tour has focused the nation’s attention on the industry that is the backbone of the American economy, highlighting the more than 12.8 million men and women who are building our future and solving tomorrow’s challenges today. The tour has traveled the country, bringing policy discussions and conversations about the future of work in the manufacturing industry to shop floors, schools, economic clubs, television studios, the White House and more.

This year’s tour will spotlight the industry’s next frontier, while also focusing on manufacturing’s well-paying careers, the industry’s diverse workforce and the policy solutions that are essential for manufacturing’s continued growth.

Members of the media interested in covering the tour should contact mfgtour@nam.org. To learn more about the NAM State of Manufacturing Tour 2019, click here.

-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 $2.25 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.

Press Releases

Timmons: Proxy Advisory Firms Pose Threat to Main Street Investors

Excerpts from The Hill

By: NAM President and CEO Jay Timmons

December 12, 2018

“. . . Today, institutional investors—including the brokerages and money managers that maintain Americans’ retirement accounts—control nearly 80 percent of the stocks and equities traded on U.S. exchanges.

“With such large stakes in American businesses, they have a big say in corporate decision-making and governance when a vote is put before shareholders. They often turn to outside advisers, called proxy advisory firms, to guide those decisions.

“Seeking outside advice makes sense, but many of the practices of these proxy advisory firms do not. That can lead them to give advice that isn’t in the best interest of a company, which in turn harms a Main Street investor saving for retirement.

. . .

“[S]ome proxy firm reports have been found to be riddled with errors. They can get basic facts about a company wrong—and some won’t even let companies correct those errors without paying a fee, if at all.

. . .

“In addition, proxy advisory firms often have conflicts of interest and can let views of political activists on issues unrelated to a company’s business color their recommendations.

“Such conflicts lead to advice—sometimes ultimatums—that could harm a company’s growth, which, again, is why Americans invest in the stock market in the first place. They want those companies, and therefore their savings, to grow.

“With all this power, proxy advisory firms should be subject to reasonable government oversight.

. . .

“And why do manufacturers care? First, we employ more than 12.5 million people, two-thirds of whom participate in a workplace retirement plan. We want manufacturing workers to have confidence that their retirement savings are going to help them achieve the retirement they hope to have.

“Second, the capital raised through the stock market helps manufacturers grow right here in America. It means jobs. It means investments in communities. It means new factories and new equipment.

“To develop life-changing products and technologies, manufacturers must invest in expensive research and development. A well-functioning stock market allows manufacturers to finance this growth.

“Proxy advisory firms can influence money managers’ decisions about a manufacturing company’s governance. If they are giving bad advice, bad decisions will be made.

. . .

“It is time for the SEC to act . . .”

-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 $2.25 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.

Press Releases

SEC Forum Shows Risk of Proxy Advisory Firms to Main Street Investors

Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons released the following statement after the Securities and Exchange Commission’s (SEC) roundtable on the proxy process, which included a discussion of the role that proxy advisory firms play in the market and their impact on Main Street investors:

It is an encouraging sign that the SEC’s roundtable focused on the risks that proxy advisory firms pose for Americans’ retirement savings. Now manufacturers hope to see concrete action from the SEC to ensure that these firms do not undermine the retirement security of millions of Americans, including manufacturing workers. Main Street investors, retirees and pensioners deserve the peace of mind that comes from knowing that key decisions affecting their savings are based on accurate advice that is free from conflicts of interest. Manufacturers look forward to engaging with the SEC as it works toward bringing much-needed transparency to this critical component of the financial system. Given the stakes for manufacturers and manufacturing workers, the time to act is now.

The NAM has continued to ramp up its advocacy in favor of reforming the proxy process and instituting oversight of proxy advisory firms. The NAM applauded the SEC’s decision in September to withdraw guidance that had entrenched and empowered proxy advisory firms. In October, the NAM submitted technical comments to the SEC outlining manufacturers’ desired policy outcomes from the Commission’s proxy process roundtable. And last week, the NAM and U.S. Chamber of Commerce launched a nearly $1 million national print and digital advertising campaign outlining the risks proxy advisory firms pose to American workers’ retirement savings.

-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 $2.25 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.

Press Releases

SEC Ruling Puts Manufacturers First

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on the Securities and Exchange Commission’s (SEC) decision to withdraw 2004 no-action letters on proxy firms:

The SEC’s action today is a major victory for manufacturers and Main Street investors. For far too long, proxy advisory firms have exerted undue influence over manufacturing companies, trying to force business decisions without any regard to investors’ best interests. This is a threat not only to manufacturing growth, but also to the savings of millions of American workers. The SEC has taken an important step to fix this unfairness, and we encourage them to continue working to ensure the voices of Main Street investors are not drowned out by third parties who have little stake in a company’s success. Manufacturers support increased SEC oversight over proxy advisory firms to restore fairness to the system.

-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 $2.25 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.

Press Releases

Rep. Wenstrup Touts Tax Reform Benefits for Manufacturers at Sheffer

In Blue Ash, Rep. Wenstrup, Business Leaders and Workers Discuss Tax Reform Benefits and the Skills Gap Crisis in Manufacturing

Blue Ash, OH – Today, the National Association of Manufacturers (NAM) and Sheffer Corporation hosted Rep. Brad Wenstrup (OH-2) for a facility tour and business leader roundtable to discuss the positive impact of tax reform and the need to fill the high-skilled jobs required for modern manufacturing, which is critical to Ohio’s economic prosperity.

Thanks to Rep. Wenstrup’s support for tax reform, manufacturers in Ohio and across America are delivering for manufacturing workers and their communities, said NAM President and CEO Jay Timmons. We are keeping our promise to raise wages, hire new workers, buy equipment and make investments for the future. But at the same time, manufacturers are facing a workforce crisis. With 482,000 jobs open today, manufacturers are in desperate need of talented workers to fill high-paying jobs. Manufacturers will need to fill more than 3 million jobs through 2025, but as many as 2 million could go unfilled if we don’t fundamentally transform our nation’s workforce development strategy. Manufacturers appreciate the work of leaders like Rep. Wenstrup to equip more people with the skills to secure a rewarding, meaningful career in modern manufacturing.

During the visit, company leaders thanked Rep. Wenstrup for voting in favor of the historic tax reform package and reiterated their optimism for the future of manufacturing in Ohio.

Ohio’s 2nd Congressional District has a storied history of manufacturing, and industry plays a vital role in our economy and our communities, said Rep. Wenstrup. Local manufacturers like Sheffer Corporation were among the first to reinvest the benefits of tax reform into their workers and equipment. Thanks to our pro-growth agenda in Congress, demand for workers and products is up across Ohio and our nation. I appreciated the opportunity to see this incredible impact firsthand in my district.

The roundtable focused on the importance of building on the momentum of tax reform and helping build the high-skilled workforce to fill modern manufacturing jobs.

On behalf of all Sheffer associates, I would like to extend our sincere appreciation to Rep. Wenstrup for his support of the recently enacted tax reform bill, said Jeffery R. Norris, president and CEO of Sheffer Corporation. Each of our employees and their families have directly benefited from tax reform. Sheffer estimated our tax savings to be $126,000, and, as a result, we divided those savings equally among our employees. The bonus was paid out in addition to our wage increases and our profit-sharing payments. Reform like this enables companies like Sheffer to invest in our people, processes and machinery, which, in turn, ensures our growth now and into the future.

Manufacturing contributes an estimated $2.25 trillion to the U.S. economy and supports 687,400 jobs in Ohio alone, according to the NAM. Since the enactment of tax reform, the manufacturing industry has added 192,000 jobs—more than double the number of jobs created over the same period last year.

-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 $2.25 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.

Press Releases

Rep. Wenstrup to Visit Sheffer to Tout Tax Reform, Discuss Skills Gap

Rep. Wenstrup to Participate in Facility Tour and Business Leader Roundtable

Washington, D.C. – The National Association of Manufacturers (NAM) and Sheffer Corporation will host Rep. Brad Wenstrup (OH-2) for a facility tour and business leader roundtable focused on the historic tax reform law and the skills gap crisis in manufacturing.

Manufacturing contributes an estimated $2.25 trillion to the U.S. economy and supports 687,400 jobs in Ohio alone, according to the NAM. Since the enactment of tax reform, the manufacturing industry has added 192,000 jobs—more than double the number of jobs created over the same period last year.

Details are as follows and for planning purposes only:

WHAT: Facility Tour and Business Leader Roundtable
WHO: Rep. Brad Wenstrup (OH-2)
Jeffrey R. Norris, President and CEO, Sheffer CorporationTodd Shelton, Director of Regional Public Affairs, NAM
WHEN:           Friday, August 31

1:30 p.m. – 3:00 p.m. EDT

WHERE:           Sheffer Corporation

6990 Cornell Road

Blue Ash, OH 45242

MEDIA RSVP: Members of the media interested in attending the event should contact NAM Director of Regional Public Affairs Todd Shelton at tshelton@nam.org . For all questions not related to event logistics, please email NAM Media Relations atmediarequests@nam.org. Members of the media are welcome to cover the facility tour at 2:15 p.m. To schedule an interview with Rep. Wenstrup, please contact his communications director, Ann Tumolo, at ann.tumolo@mail.house.gov.

-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 $2.25 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.

Press Releases

Rep. Budd Touts Tax Reform Benefits for Manufacturers at C.R. Onsrud

In Troutman, Rep. Budd, Business Leaders and Workers Discuss Tax Reform Benefits and Securing North Carolina’s Economic Prosperity

Troutman, NC – Today, the National Association of Manufacturers (NAM) and C.R. Onsrud hosted Rep. Ted Budd (NC-13) for a facility tour, employee town hall and business leader roundtable to discuss the positive impact of tax reform and other ways Congress can better serve the interests of North Carolina’s manufacturers, manufacturing workers and their families.

Thanks to Rep. Budd’s support for tax reform, manufacturers in North Carolina and across America are delivering for our people and our communities, said NAM President and CEO Jay Timmons. Last year, manufacturers said that if tax reform became law, we would raise wages, hire new workers, buy equipment and make investments for the future. Now, manufacturers like C.R. Onsrud are keeping our promise, and America is better for it. Tax reform is empowering us to improve lives and livelihoods, and manufacturers are grateful for Rep. Budd’s leadership in making that possible.

During the visit, company leaders thanked Rep. Budd for voting in favor of the historic tax reform package and reiterated their optimism for the future of manufacturing in North Carolina.

The positive changes we are seeing throughout the U.S. economy thanks to the Tax Cuts and Jobs Act cannot be overstated, said Rep. Budd. We have seen a major power shift from bureaucrats in Washington to every day Americans. People are seeing more money in their paychecks, more job opportunities and consumer confidence is at an 18-year high. We know that the manufacturing industry has not escaped this good news. Crediting the tax cuts, 93 percent of manufacturers say they have a positive outlook, 86 percent say they plan to increase investments and 77 percent plan to increase hiring. The manufacturing industry is a major part of this overall economic success, and I will continue to look for ways to get government out of the way of this important economic engine.

The roundtable focused on the importance of building on the momentum of tax reform to ensure manufacturers can continue to invest in their businesses and workers.

At C.R. Onsrud, we appreciate Rep. Budd’s commitment to pro-growth policies and regulatory reform, said Tom Onsrud, president and CEO of C.R. Onsrud. His vote for the tax legislation was a clear message that he stands with manufacturers and manufacturing workers across America. As a direct result of the tax legislation, C.R. Onsrud has hired an additional 40 employees and, due to the immediate capital expensing provision of the law, has invested over $8 million in plant upgrades and equipment necessary to grow our business. Because of Rep. Budd’s leadership in Washington, manufacturing in North Carolina will only continue to flourish.

Manufacturing contributes an estimated $2.25 trillion to the U.S. economy and supports 460,200 jobs in North Carolina alone, according to the NAM. Since the enactment of tax reform, the manufacturing industry has added 192,000 jobs—more than double the number of jobs created over the same period last year.

-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 $2.25 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.

Press Releases

Rep. Richard Hudson Visits Ingersoll Rand to Discuss the Skills Gap Crisis in Manufacturing

Rep. Hudson Participates in Facility Tour, Employee Town Hall and Business Leader Roundtable

Southern Pines, NC – Today,the National Association of Manufacturers (NAM) and Ingersoll Rand hosted Rep. Richard Hudson (NC-8) for a facility tour, employee town hall and workforce development roundtable to discuss the skills gap crisis in manufacturing and how filling the high-skilled jobs required for modern manufacturing is critical to North Carolina’s economic prosperity.

Manufacturers appreciate Rep. Hudson’s commitment to building the modern manufacturing workforce and expanding opportunities for American workers, said NAM President and CEO Jay Timmons. Ingersoll Rand, like manufacturers across this country, face an urgent need for trained, talented workers, a need that will only grow in the coming years. Right now, manufacturers have some 482,000 jobs to fill—jobs that are rewarding and high-paying and help families build brighter futures. By 2025, as many as 2 million manufacturing jobs could go unfilled, according to a study by Deloitte and the NAM’s Manufacturing Institute. So, we need all elected leaders engaged, and we’re grateful for Rep. Hudson’s leadership on this issue as well as other manufacturing issues like tax reform and regulatory relief, which have also empowered manufacturing workers.

During the facility tour, Rep. Hudson had the opportunity to see firsthand the types of high-skilled jobs required to run Ingersoll Rand’s machinery and equipment.

Working with the administration, we have delivered pro-growth policies and regulatory reforms that have undoubtedly led to more jobs and higher wages, said Rep. Hudson. We now have more job openings than people looking for work in our booming economy—and an increasing skills gap crisis in manufacturing. I remain committing to advancing legislation that closes the skills gap and helps equip workers with the tools they need to get these highly technical, good-paying jobs. Ingersoll Rand’s facility in Southern Pines has done a tremendous job partnering with local stakeholders—like Sandhills Community College—to make job training a priority.

During a roundtable discussion, company leaders thanked Rep. Hudson for his commitment to helping build the high-skilled workforce to fill modern manufacturing jobs.

As the manufacturing industry becomes more digital and sophisticated, there is a continuous and escalating need for a skilled workforce, said Mike Lamach, Chairman and CEO of Ingersoll Rand and NAM Executive Committee member. That’s why sustainable workforce development is so important to companies like Ingersoll Rand. With Manufacturing Day right around the corner, we appreciate leaders like Congressman Richard Hudson and the National Association of Manufacturers shining a spotlight on this important issue.

Manufacturing contributes an estimated $2.25 trillion to the U.S. economy and supports 460,200 jobs in North Carolina alone, according to the NAM.

-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 $2.25 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.

Press Releases

Rep. Ted Budd to Visit C.R. Onsrud to Tout Tax Reform Benefits

Rep. Budd to Participate in Facility Tour, Employee Town Hall and Business Leader Roundtable on Tax Reform

Washington, D.C. – The National Association of Manufacturers (NAM) and C.R. Onsrud will host Rep. Ted Budd (NC-13) for a facility tour, employee town hall and business leader roundtable focused on the historic tax reform law and its positive impact on North Carolina’s 13th District.

Manufacturing contributes an estimated $2.25 trillion to the U.S. economy and supports 460,200 jobs in North Carolina alone, according to the NAM. Since the enactment of tax reform, the manufacturing industry has added 192,000 jobs—more than double the number of jobs created over the same period last year.

Details are as follows and for planning purposes only:

WHAT: Facility Tour, Employee Town Hall and Business Leader Roundtable
WHO: Rep. Ted Budd (NC-13)
Tom Onsrud, President and CEO, C.R. OnsrudJosh Ward, Director of Regional Public Affairs, NAM
WHEN:           Thursday, August 30

11:00 a.m. – 1:00 p.m. EDT

WHERE:           C.R. Onsrud

120 Technology Drive

Troutman, NC 28166

MEDIA RSVP: Members of the media interested in attending the town hall should contact NAM Director of Regional Public Affairs Josh Ward at jward@nam.orgFor all questions not related to event logistics, please email NAM Media Relations atmediarequests@nam.org. Members of the media are welcome to cover the facility tour at 11:00 a.m. and take B-roll and photos of the employee town hall at 11:30 a.m.To schedule an interview with Rep. Budd, please contact his communications director, Chase Jennings, at chase.jennings@mail.house.gov.

-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 $2.25 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.

Press Releases

Rep. Budd Touts Tax Benefits for Workers at Southern Elevator Co.

In Greensboro, Rep. Budd, Business Leaders Discuss Tax Reform Benefits and Securing North Carolina’s Economic Prosperity

Greensboro, NC – Today, the National Association of Manufacturers (NAM) and Southern Elevator Company hosted Rep. Ted Budd (NC-13) for a business leader roundtable to discuss the positive impact of tax reform and other ways Congress can better serve the interests of North Carolina manufacturers, manufacturing workers and their families.

Thanks to Rep. Budd’s support for tax reform, manufacturers in North Carolina and across America are delivering for our people and our communities, said NAM President and CEO Jay Timmons. Last year, manufacturers said that if tax reform became law we would raise wages, hire new workers, buy equipment and make investments for the future. Now, manufacturers like Southern Elevator Company are keeping our promise, and America is better for it. Tax reform is empowering us to improve lives and livelihoods, and manufacturers are grateful for Rep. Budd’s leadership in making that possible.

During the visit, company leaders thanked Rep. Budd for voting in favor of the historic tax reform package and reiterated their optimism for the future of manufacturing in North Carolina.

The positive changes we are seeing throughout the U.S. economy thanks to the Tax Cuts and Jobs Act cannot be overstated, said Rep. Budd. We have seen a major power shift from bureaucrats in Washington to every day Americans. People are seeing more money in their paychecks, more job opportunities and consumer confidence is at an 18-year high. We know that the manufacturing industry has not escaped this good news. Crediting the tax cuts, 93 percent of manufacturers say they have a positive outlook, 86 percent say they plan to increase investments and 77 percent plan to increase hiring. The manufacturing industry is a major part of this overall economic success, and I will continue to look for ways to get government out of the way of this important economic engine.

The roundtable focused on the importance of building on the momentum of tax reform to ensure manufacturers can continue to invest in their businesses and workers.

All of us at Southern Elevator are grateful for Rep. Budd’s commitment to economic growth and his vote to enact the new tax law, said Rodney Pitts, Chairman and CEO of Southern Elevator Company. The immediate capital expensing provision of the tax law has made a significant difference in Southern Elevator’s ability to grow and purchase equipment, and we consistently hear the same from our manufacturing clients. Because of Rep. Budd’s leadership in Congress, manufacturing in North Carolina will only continue to flourish.

Manufacturing contributes an estimated $2.25 trillion to the U.S. economy and supports 460,200 jobs in North Carolina alone, according to the NAM. Since the enactment of tax reform, the manufacturing industry has added 192,000 jobs—more than double the number of jobs created over the same period last year.

-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 $2.25 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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