Input Stories

The next administration must prioritize preserving the manufacturing-friendly policies from the Tax Cuts and Jobs Act, which were like “rocket fuel” for the manufacturing sector, manufacturers said before the election. 
 
What’s going on: “We have 600,000 manufacturing workers here in the state of Michigan, so [manufacturing]’s a big piece of our economy,” RCO Aerospace and RCO Engineering General Manager and NAM Board Member Jeff Simek told Fox News’ Bret Baier recently.

• “The 2017 tax reform essentially created jobs in capital investment—and Bret, you’re in a building right now that was the fruits of that tax policy,” Simek added, referring to an RCO building whose construction was made possible by TCJA-enabled tax savings.   

Why it’s important: Crucial tax reform provisions began to sunset in 2022 and 2023—and many more damaging expirations are scheduled for the end of 2025.

• The loss of these pro-growth policies will mean that manufacturers have less capital available to invest in equipment, job creation, research and growth.  

What must be done: The NAM has “called for lawmakers to provide the industry with certainty by averting a ‘ tax Armageddon’ next year,” according to a Fox Business story on Monday. 

• A key way we [see greater job growth] is to renew those 2017 tax reforms that were put into place during the Trump administration,” NAM President and CEO Jay Timmons told Fox News in July, in a clip reposted this week on FoxBusiness.com.
• “Those expire, for the most part … at the end of 2025, and there’s a lot of talk right now—from both sides of the aisle, quite frankly—about the possibility of raising taxes on manufacturers, taxes on business. That’s not going to help us. That’s not going to help our economy grow.”