The NAM is rolling out a seven-figure national ad campaign to highlight the devastation to manufacturing that would result from passage of the reconciliation bill now under debate in Congress.
The NAM’s view: “Following the passage of the Tax Cuts and Jobs Act in 2017, manufacturers kept their promise to hire more workers, increase wages and invest here in America,” said NAM President and CEO Jay Timmons. “Returning to archaic tax policies on small and large businesses puts all those gains in jeopardy. That’s not how you build an opportunity economy. Leaders in Congress should be focused on policies that keep our sector strong—like the bipartisan infrastructure bill—not tax increases that will cost us American manufacturing jobs.”
What tax reform did: Manufacturing growth followed the tax cuts of 2017. Among specific data points:
- In 2018, manufacturers added 263,000 new jobs—the best showing in 21 years, according to the U.S. Census Bureau.
- In 2018, manufacturing wages increased 3%; in 2019, they increased 2.8%; and in 2020, 3%.
- Overall, manufacturing production grew 2.7% in 2018, with December of that year the best month for manufacturing since May 2008, according to the Federal Reserve Board.
Study shows: An NAM-commissioned study showed that raising taxes on manufacturers (including increasing the business rate to 25%) would cost:
- 1 million jobs and $107 billion in GDP within the first two years; and
- 500,000 jobs lost, on average, each year over the next decade.
To learn more, visit nam.org/savejobs.