NAM President and CEO Jay Timmons responded to the release of President Biden’s new budget, condemning the tax increases it includes and calling for the U.S. to get serious about competing with China.
On taxes: The tax increases would “reverse the recent significant growth we’ve achieved in American manufacturing jobs and investment,” said Timmons.
- “It comes as a surprise that President Biden, who has vocally championed manufacturing growth in pushing successfully for infrastructure investment and the CHIPS and Science Act, wants to pursue policies that would undo our progress,” he continued.
On China: “This proposal further undermines manufacturing in America by failing to reverse tax policies that make it more difficult for our industry to perform research, while China currently employs a 200% super deduction on R&D for manufacturing.”
On restoring tax deductions: “It’s also now more expensive to buy critical machinery and finance new investments. If these lapsed deductions aren’t reinstated, it will mean lost jobs, less innovation and fewer opportunities for our communities.”
On drug pricing: “This administration’s insistence on imposing drug pricing requirements is an abdication of free market principles that poses serious risks to the development of new treatments and therapies—the very type of innovation that saves lives in America and around the world.”
The last word: “Manufacturers are committed to growing investment, jobs and wages here in America. We need our government leaders to share that commitment.”