Tax

Members of the House Committee on Transportation and Infrastructure should vote yes on legislation that would modernize and reform the Clean Water Act permitting process, the NAM said today.

What’s going on: The Promoting Efficient Review for Modern Infrastructure Today (PERMIT) Act “adopts the NAM’s key recommendations to the House Committee on Transportation and Infrastructure for modernization of regulatory authorities under the Clean Water Act—reforms that are critical to manufacturers’ ability to build, expand and hire in America,” NAM Managing Vice President of Policy Charles Crain told the committee ahead of a Wednesday markup of the bill.

• “These include proposals to increase certainty for permittees and clarify the scope of the CWA.”

Why it’s needed: The permitting process for manufacturers under the Clean Water Act is unnecessarily long and onerous, jeopardizing continued American leadership in manufacturing.

• In February, Nucor Corporation Executive Vice President of Sheet Products Noah Hanners told the committee members that “cumbersome and overreaching permitting regulations are holding back progress and hurting our nation’s competitiveness .”

Case in point: In 2022, Nucor announced it had chosen a site in West Virginia for a new steel mill—but the location on the Ohio River required the company to seek federal authorization under the Clean Water Act.

• What followed was a process that “required us to work with multiple federal agencies—with little direction and unclear timelines,” Hanners said. “This led to moving targets for our own planning and execution, delaying the project and increasing costs.”

What should happen: CWA permit reform should be undertaken as part of a broader effort to streamline and speed up the regulatory permitting process writ large.

• “If we want to grow America’s economy, we need to fix this broken system,” Crain concluded.

The NAM is ramping up pressure on policymakers this week, launching a multistate advertising blitz and bringing dozens of manufacturing leaders to Capitol Hill to underscore the urgent need to pass the One Big Beautiful Bill Act by President Trump’s July 4th deadline.

Why it matters: With time running out, manufacturers are going all-in to urge Congress to preserve 2017 tax reform and make targeted improvements to the bill moving through the Senate that will maximize the pro-growth impact of the OBBBA.

Driving the message: The NAM’s Manufacturing Wins tax campaign’s latest push includes  digital and print ads in major dailies across Washington, D.C., Florida, Maine, Missouri, Kentucky, Indiana, Utah, Louisiana and Wisconsin.

• The launch aligns with a two-day fly-in bringing 40 manufacturers from 29 member companies across the country to meet with key lawmakers in the House and Senate and press for action.

The details: Led by the NAM, manufacturers participating in this week’s fly-in are delivering a clear message: Preserve the pro-manufacturing provisions in the House-passed version, while making targeted changes to ensure the final legislation is a pro-manufacturing bill.

The background:Crucial provisions for the 2017 Tax Cuts and Jobs Act are scheduled to expire at the end of 2025—and the NAM and manufacturers have been counting on Congress to prevent devastating tax increases on manufacturers and manufacturing workers by preserving critical manufacturing priorities from the House-passed bill, while also considering targeted improvements that will maximize the pro-growth impact of the OBBBA.

The NAM says: “Our strategy is clear: to press urgency, emphasize the stakes for manufacturing and rally support at every level. We are doing everything possible to propel this bill over the finish line, including a full-court lobbying push behind the scenes—working closely with key senators to ensure the final legislation is as supportive as possible for manufacturing investment in the United States,” said NAM Executive Vice President Erin Streeter.

What they’re saying: The national ad was picked up by the White House and covered by POLITICO.

• The White House’s rapid response account on X (formerly Twitter) promoted the NAM’s latest ad, quoting key language from the ad.
• The ad launch and fly-in were also featured in POLITICO’s Morning Tax (subscription) and  Inside Congress newsletters.

From personal heroes to tax reform and tariffs, NAM President and CEO Jay Timmons covered it all in his recent appearance on iHeart Radio’s “CEOs You Should Know.”

From the beginning: In his June 9 interview with show host Mike Howard, Timmons told listeners about his journey from a childhood in the mill town of Chillicothe, Ohio, to his current role, running the largest manufacturing trade association in the U.S.

• As both the only child and the only grandchild in his family, Timmons was inspired professionally and personally by his parents and grandparents.
• Timmons’ grandfather “stood in line for six months during the Great Depression trying to get a job in manufacturing because he knew that that would be a way forward for his family,” he said.
• His mother climbed the ranks at the Chillicothe Gazette, eventually becoming president and CEO of the newspaper, and his father owned an appliance store, Timmons Appliance and TV.

Part of the Reagan Revolution: As an undergraduate student at Ohio State University, Timmons decided that college wasn’t for him—and he wanted “to do everything I could to help Ronald Reagan succeed.”

• So, he headed for Washington, D.C., where he ended up on Capitol Hill. His desire to enter politics “was really about [wanting to help shape] policy that enabled people to live their best lives.”
• Timmons ended up becoming the youngest chief of staff in the U.S.—to Virginia Gov. George Allen.

The road to manufacturing: Later, Timmons took over the policy and government relations team at the NAM, where he spent six years shaping the association’s agenda before being named CEO in 2011.

• “[M]anufacturing is not a partisan issue, and [neither is] the success of America,” Timmons continued. The industry “is really infused into the fabric of all we are as Americans. … [M]anufacturing helped us to build the infrastructure system that made us the strongest, most connected economy in the world in the 1950s and ’60s.”

Rocket fuel: From 2018 to 2022, manufacturing “had record investment, we had record hiring, and we had record wage growth over the course of the next three years—because of that rocket fuel, as President Trump called it,” the Tax Cuts and Jobs Act of 2017.

On tariffs: The manufacturing industry in the U.S. is hoping the administration and its trading partners will make trade deals during the current three-month pause on tariffs.

• “[M]anufacturers … are very hopeful that the administration really is going to be able to settle in their 90-day window all of these potential trade agreements throughout the world,” he said, adding that it would mean that “manufacturers actually can have the certainty they need to again invest higher and increase wages and benefits.”

The Senate Finance Committee yesterday released draft text of the tax sections of the reconciliation bill, preserving most of the pro-growth tax provisions that manufacturers—and the NAM—have long advocated.

What’s in it: The bill reflects the NAM’s key tax priorities, including:

• A permanent pass-through deduction and retention of pro-growth individual and corporate tax rates;
• Permanence for pro-growth tax policies like immediate R&D expensing, full expensing for capital equipment purchases and a pro-growth interest deductibility standard;
• An expanded and permanent estate tax exemption;
• Pro-manufacturing reforms to the international tax system that protect America’s competitiveness on the world stage; and
• A first-of-its-kind incentive allowing immediate expensing of the cost of new factories and modernizations.

What’s not in it: Critical energy and manufacturing incentives are still on the line. The Senate bill makes changes to these provisions from the House bill—and the NAM is already working to ensure policymakers understand the implications these changes could have for manufacturers in America and American energy dominance.

The NAM’s advocacy: The NAM has long urged Congress to make permanent the pro-growth policies of the Tax Cuts and Jobs Act. Its multiyear campaign has put manufacturers front and center to show why preserving tax reform is essential for driving investment and creating jobs.

• Most recently, the NAM released a report, “Keeping Our Promises: Manufacturers on Eight Years of Tax Reform,” featuring manufacturers’ own accounts of how the TCJA helped them invest in their facilities, their workers and their communities.
• The NAM has stayed in constant contact with lawmakers, urging Senate leaders to preserve the crucial manufacturing priorities from the House bill while also adopting targeted improvements to ensure the final package is maximally beneficial for manufacturers’ investment and job creation.

The NAM says: “Chairman Crapo and the Senate Finance Committee are delivering the kind of tax policy manufacturers have been calling for—policy that drives growth, unlocks investment and grows jobs,” said NAM President and CEO Jay Timmons. “… By preserving the full suite of pro-growth policies from the TCJA, this bill marks a major step forward for manufacturing in America.”

• “Manufacturers also want to ensure that the tax code continues to support inbound investment into the United States as well as preserve incentives that drive investments in the manufacturing and energy production needed to power America’s economic growth. If the Senate acts now, manufacturers can continue to grow—buying equipment, hiring workers, increasing pay and expanding operations with greater certainty and confidence.”
• “The Finance Committee recognizes what’s at stake: nearly 6 million jobs and more than a trillion dollars in economic output depend on getting this right.”

Washington, D.C. – The Senate Finance Committee today unveiled its version of the One Big Beautiful Bill Act—preserving the core of the 2017 Tax Cuts and Jobs Act.

National Association of Manufacturers President and CEO Jay Timmons issued the following statement:

“Chairman Crapo and the Senate Finance Committee are delivering the kind of tax policy manufacturers have been calling for—policy that drives growth, unlocks investment and grows jobs. We commend Chairman Crapo for his leadership and steadfast commitment to pro-manufacturing tax policy. By preserving the full suite of pro-growth policies from the TCJA, this bill marks a major step forward for manufacturing in America.

“Manufacturers also want to ensure that the tax code continues to support inbound investment into the United States as well as preserve incentives that drive investments in the manufacturing and energy production needed to power America’s economic growth. If the Senate acts now, manufacturers can continue to grow—buying equipment, hiring workers, increasing pay and expanding operations with greater certainty and confidence.

“The Finance Committee recognizes what’s at stake: nearly 6 million jobs and more than a trillion dollars in economic output depend on getting this right.

“This is a once-in-a-generation opportunity to lock in a manufacturing resurgence in the U.S. Let’s finish the job—because when manufacturing wins, America wins.”

Background:

The Senate bill contains key NAM priorities, including:

• A permanent pass-through deduction and retention of pro-growth individual and corporate tax rates;
• Permanence for pro-growth tax policies like immediate R&D expensing, full expensing for capital equipment purchases and a pro-growth interest deductibility standard;
• An expanded and permanent estate tax exemption;
• Pro-manufacturing reforms to the international tax system that protect America’s competitiveness on the world stage; and
• A first-of-its-kind incentive allowing immediate expensing of the cost of new factories and modernizations.

Last week, the NAM released a report, “Keeping Our Promises: Manufacturers on Eight Years of Tax Reform,” featuring firsthand success stories from manufacturers on how the TCJA enabled them to invest in their facilities, their workers and their communities. Learn more about the NAM’s Manufacturing Wins campaign to protect 2017 tax reform here.

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.93 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – As manufacturers call on Congress to urgently pass the One Big Beautiful Bill Act, the National Association of Manufacturers released a report today, “Keeping Our Promises: Manufacturers on Eight Years of Tax Reform,” that highlights the transformative impact of the 2017 Tax Cuts and Jobs Act on manufacturing in the U.S. From small family-run operations to global enterprises, the report shows how manufacturers delivered on their promises to invest, hire and grow, thanks to the savings from tax reform. It also warns of the serious risks to jobs and growth if pro-manufacturing tax policies are allowed to expire.

“The evidence is clear: manufacturing had its best job creation in more than two decades, the strongest wage growth in 15 years and significant investment in capital equipment after the passage of the TCJA in 2017,” said NAM Executive Vice President Erin Streeter. “But several of these tax provisions have expired already—and the rest are scheduled to sunset at the end of this year—putting at risk 6 million American jobs, more than $500 billion in wages and benefits and more than $1 trillion in GDP.”

The report features firsthand accounts from manufacturers like Westminster Tool, Click Bond, Ketchie, Gentex, Winton Machine, Jamison Door Company and more that transformed tax reform savings into tangible investments in the future, leveraging tax reform to:

• Raise wages and expand benefits;
• Invest in advanced machinery and technology;
• Strengthen R&D and innovation;
• Build new facilities and expand existing ones; and
• Create jobs and economic opportunity in their communities.

“This is a success story we’re proud to share—told through the experiences of manufacturers that delivered on their commitments and backed by research that reinforces what they’ve witnessed firsthand over the past eight years: tax reform worked,” Streeter added. “Congress faces a straightforward choice to make the TCJA’s manufacturing-empowering provisions permanent, or risk undermining the foundation of our economic competitiveness.”

Read the full report and manufacturing success stories from across the country here.

Learn more about the NAM’s Manufacturing Wins campaign to protect 2017 tax reform here.

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.93 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

As manufacturers call on policymakers to preserve tax reform by passing the tax bill, they’re reflecting on everything the 2017 Tax Cuts and Jobs Act made possible for the industry.

Back in 2017 and 2018, the NAM told manufacturers’ stories of hiring more workers and increasing wages, making new investments and buying new equipment, expanding facilities and strengthening R&D, in an influential series of articles called “Keeping Our Promises.” Today, the NAM released a report showing where those companies are now because of the TCJA—and how much they have grown and succeeded in the eight years since the landmark legislation.

Their stories: The report features many small manufacturers that found tax reform to be transformative, including Westminster Tool, Click Bond, Ketchie, Gentex, Winton Machine, Jamison Door Company and more.

• To take one example, Westminster Tool, a small Connecticut company that designs and creates plastic injection molds for the medical, aerospace and consumer products industries, was able to hire more than a dozen workers, growing its workforce by nearly 30%.
• Click Bond, a small manufacturer of aerospace and defense assembly solutions, was able to review its pay scales and increase both hourly and supervisory workers’ wages, which has helped it compete better in the labor market and keep pace with inflation.

The NAM says: “The evidence is clear: manufacturing had its best job creation in more than two decades, the strongest wage growth in 15 years and significant investment in capital equipment after the passage of the TCJA in 2017,” said NAM Executive Vice President Erin Streeter.

• “But several of these tax provisions have expired already—and the rest are scheduled to sunset at the end of this year—putting at risk 6 million American jobs, more than $500 billion in wages and benefits and more than $1 trillion in GDP.”

The bottom line: “Tax reform worked,” Streeter emphasized.

• “Congress faces a straightforward choice to make the TCJA’s manufacturing-empowering provisions permanent, or risk undermining the foundation of our economic competitiveness.”

NAM in the news: POLITICO Pro’s Morning Tax newsletter (subscription) covered the report this morning.

• Later, the White House’s rapid response account on X (formerly Twitter) promoted the report and the NAM’s tax policy priorities multiple times.

If the administration wants manufacturing in the U.S. to succeed, it needs a planned strategy—one that includes extending the pro-growth provisions from the 2017 Tax Cuts and Jobs Act and gets the tax bill containing most of President Trump’s legislative agenda passed quickly. That was the message from NAM President and CEO Jay Timmons on Fox Business’ “Maria Bartiromo’s Wall Street” last week.

What’s going on: “Manufacturers were very excited that we had a new president in January who said, ‘We’re going to get this … [tax] bill done. We’re going to extend the cuts from 2017,’” Timmons told show host Maria Bartiromo on May 30 on location at the 2025 Reagan National Economic Forum in Simi Valley, California. “But now we have the uncertainty … that really requires this bill to be done as soon as possible. It’s urgent now.”

• The Senate returned this week from its Memorial Day recess with the legislative agenda as its top priority.
• The GOP hopes to extend the TCJA tax cuts permanently, while Democrats want the nonpartisan parliamentarian of the United States to determine whether an extension without an end date would violate the Senate’s Byrd rule.

Why it’s important: More than 85% of manufacturers in the U.S. say Congress must preserve the TCJA’s provisions in response to trade uncertainty, according to the NAM’s latest Manufacturers’ Outlook Survey, which Bartiromo cited.

• At risk if it doesn’t preserve the measures: some 6 million jobs and a $1 trillion economic hit.

Certainty on trade: But more is needed, Timmons said.

• The trillions of dollars in U.S. investments secured recently by the administration are definite wins—but only “as long as we have that strategy in place,” which, in addition to sound tax policy, includes regulatory certainty.
• “Trade is going to be critical,” Timmons told Bartiromo. “We need to have the certainty around whatever the rules of the game are regarding our trading practices and the work we do with our trading partners, because if we don’t have the right policies in place, and imports do end up costing us a lot of money for critical inputs for manufacturing, we can’t build those facilities.”
• For every dollar of manufactured inputs imported to the U.S., “we get $1.40 of output,” Timmons went on. “And so if we tariff everything the same, we may be in a little bit of trouble when it comes to making those investments.”

The latest resources for the NAM’s tax campaign may be found on the “Manufacturing Wins” webpage.

Washington, D.C. – The National Association of Manufacturers released its Q2 2025 Manufacturers’ Outlook Survey, revealing that optimism among manufacturers across the country has dropped sharply. Only 55.4% of respondents report a positive outlook for their companies—a nearly 15-percentage-point drop from Q1 and the lowest level since the height of the COVID-19 pandemic in Q2 of 2020.

The survey conducted earlier this month revealed that 85.4% of manufacturers believe Congress should preserve pro-growth tax policies in response to trade uncertainty.

Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77.0% of respondents, followed by increased raw material costs, which was cited by 66.1% of respondents.

“These numbers are yet another indicator that manufacturers need increased policy certainty. Congress must act urgently to preserve tax reform and empower manufacturers to make the long-term investments that drive the American economy,” said NAM President and CEO Jay Timmons. “The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy—that’s why manufacturers are calling on the Senate to preserve pro-manufacturing tax policies from the House-passed reconciliation bill, while also taking steps to ensure the final package is maximally beneficial for our industry. Pro-manufacturing tax policies are a critical component of a comprehensive manufacturing strategy; this quarter’s results also show that manufacturers need a strategic approach to trade policy that allows our industry to reduce costs and access the inputs we need to make things in America.”

The NAM releases these results to the public each quarter. Further information on the survey is available here.

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.93 trillion to the U.S. economy annually and accounts for 53% of private-sector rese arch 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

The NAM’s Q2 Manufacturers’ Outlook Survey, released today, shows that manufacturers’ optimism about the future is dropping precipitously.

The headline number: Only 55.4% of respondents report a positive outlook for their companies—a nearly 15-percentage-point drop from Q1 and the lowest level since the height of the COVID-19 pandemic in Q2 of 2020.

• Manufacturers do have a prescription for renewed confidence, however, as 85.4% of respondents believe Congress should preserve pro-growth tax policies in response to trade uncertainty.

Worried about trade: Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77.0% of respondents.

• Almost as alarming is the increase in raw material costs, which was cited by 66.1% of respondents.

The NAM says: “These numbers are yet another indicator that manufacturers need increased policy certainty. Congress must act urgently to preserve tax reform and empower manufacturers to make the long-term investments that drive the American economy,” said NAM President and CEO Jay Timmons.

• “The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy—that’s why manufacturers are calling on the Senate to preserve pro-manufacturing tax policies from the House-passed reconciliation bill, while also taking steps to ensure the final package is maximally beneficial for our industry.”
• “Pro-manufacturing tax policies are a critical component of a comprehensive manufacturing strategy; this quarter’s results also show that manufacturers need a strategic approach to trade policy that allows our industry to reduce costs and access the inputs we need to make things in America.”