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.
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.