To safeguard the industry’s competitiveness, the NAM is launching a large-scale ad campaign calling on Congress to oppose new taxes on manufacturers.
What’s going on: Print, radio and digital ads urging federal legislators to refrain from imposing new taxes on manufacturers—including energy producers, which have been asked to produce more energy—will run in Washington, D.C., and in key states across the country.
Why it’s important: “Manufacturers have kept our promises—especially after the 2017 tax reforms—to create jobs, raise wages and benefits and invest in our communities,” NAM President and CEO Jay Timmons said in a statement.
- “To keep up this winning record, we need Congress to enact policies consistent with our manufacturing competitiveness agenda. That’s how we’ll strengthen supply chains, expand access to affordable, reliable energy and tamp down inflation. Our industry is ready to keep solving problems and create well-paying jobs—but returning to outdated tax policies will impede our progress.”
The numbers: Manufacturing thrived following the tax reform legislation of 2017. Data points include the following:
- Overall in 2018, manufacturing production grew 3.2%, the best rate since 2010.
- Also in 2018, manufacturing wages increased 3.1% and continued to rise—by 2.9% in 2019 and 3.0% in 2020. Those were the fastest rates of annual growth since 2003.