Manufacturers Ready to Work with Bessent to Ensure That We Can Continue to Drive Economy Forward
Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons issued the following statement on the nomination of Scott Bessent to be the next Treasury Secretary:
“President Trump’s 2017 tax reforms were rocket fuel for manufacturing, and their transformative impact cannot be overstated. They put into place competitive policies that fueled record job creation, wage growth, capital investment and innovation.
“With the nomination of Scott Bessent as Secretary of the Treasury, we have an opportunity to build on this momentum. President Trump recently pledged at the NAM’s fall board meeting that he will make these tax cuts permanent, and Scott will play a vital role in achieving that goal.
“Scott’s deep expertise in financial markets and his dedication to fostering economic growth make him an outstanding choice to lead the Treasury Department. Manufacturers are ready to work with him to ensure that manufacturing can continue to drive the economy forward.”
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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 $2.91 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.
Manufacturers’ Last Chance to Speak Before the Inauguration
Manufacturers have one last opportunity to express their opinions to the new administration and Congress before they take office: the NAM’s Q4 2024 Manufacturers’ Outlook Survey, which is open until Dec. 4.
“The Outlook Survey is the NAM’s principal means of finding out what manufacturers are experiencing and thinking, and one of the industry’s most potent advocacy tools,” the NAM’s new chief economist, Victoria Bloom, said. Bloom walked us through the survey’s impressive history of influencing policy debates and its particular importance today.
What it is: The NAM has run its Outlook Survey every quarter for more than 25 years, capturing manufacturers’ opinions on enormous policy shifts and seismic changes in the economy, including the 2017 tax reform and the COVID-19 shutdowns, Bloom said.
- All manufacturers in the NAM’s membership are eligible to take it, making it an unparalleled sampling of industry opinion. Respondents include companies of all sizes and sectors, located across the entire United States.
- The survey is in the field for about two and a half weeks and takes only minutes to complete—you can even do it on your phone.
Why it matters: Not only will the current survey be the last word from manufacturers before the White House and Congress change hands, but it will help provide clarity on where manufacturers stand in this period of economic uncertainty. It’s crucial for manufacturers to speak up about what they are seeing, Bloom emphasized.
- “We’ve had a lot of muddied economic data lately due to worker strikes and hurricanes, as reflected in the monthly jobs report and industrial production report,” she said. “This has made it more difficult to determine how the industry is actually doing, which is why we need manufacturers to tell us directly.”
Who’s the audience: The NAM’s survey is read—and publicized—by the highest levels of the administration and Congress. To take one example, it had a profound impact during the years following tax reform:
- President Trump cited the Outlook Survey in a 2019 address at the Lima Army Tank Plant, noting manufacturers’ record levels of optimism following the passage of the Tax Cuts and Jobs Act.
- John Thune (R-SD), the incoming Senate majority leader, cited the survey in a 2018 press release, also on the benefits of tax reform.
- Then-Senate Majority Leader Mitch McConnell (R-KY) cited the survey on the Senate floor in 2018.
What’s in it: The survey asks a few standard questions, including the big one: are manufacturers feeling positive or negative about their company’s outlook?
- The survey also asks manufacturers about the biggest challenges they’re facing. In the Q3 2024 survey, the top concerns included a weaker domestic economy, followed by rising health care costs.
- These standard questions are often followed by questions that pertain to specific policy developments, like the looming expiration of critical tax provisions in 2025, or manufacturers’ responses to the COVID-19 pandemic.
The data: The survey’s questions often reveal facts about manufacturers that appear nowhere else.
- For example, Bloom told us, in Q3 2024, respondents as a whole felt most concerned by the weakening state of the economy. However, small and medium-sized manufacturers, when separated out, cited rising health care costs as their top concern.
- “The survey told us rising health care costs have been a more significant challenge for SMMs, which is an important data point for the NAM’s advocacy work,” Bloom said.
- During the early months of the COVID-19 pandemic, the survey was a particularly valuable tool, she added. Amid the chaos of the lockdowns, the NAM was able to survey its members to determine what share of manufacturers were continuing operations in whole, in part or not at all.
The bottom line: “As we will soon have a new administration and a new Congress, manufacturers must speak up—and keep speaking up—about their challenges and concerns,” Bloom concluded.
- “Future Outlook Surveys will cover new developments as they arise, and of course manufacturers will be faced with new challenges and policy threats. If they haven’t already, NAM members should make survey-taking a habit, for the health of our industry.”
NAM: Clarify 30C Tax Credit Rulemaking
The “30C” tax credit has the potential to spur manufacturing investment, but the Internal Revenue Service and Treasury Department must first clarify some of their proposed rules regarding it, the NAM said this week.
What’s going on: In September, the IRS and Treasury Department jointly proposed regulations regarding Section 30C of the U.S. tax code’s Alternative Fuel Vehicle Refueling Property Tax Credit, which was changed and expanded by the Inflation Reduction Act of 2022.
- “A key purpose of the energy provisions of the IRA was to reduce greenhouse gas emissions and spur manufacturing investments in low emissions and renewable energy sectors,” NAM Vice President of Domestic Policy Chris Phalen told the IRS on Monday.
- “Manufacturers make vehicles that use alternative fueling stations, many of our members produce the components … that go into these stations and manufacturers will construct and operate these refueling properties. These companies require certainty and specificity to make final investment decisions.”
What must be done: To that end, the NAM told the agencies the following changes should be made to the proposed regulations for the 30C tax credit:
- Extend the allowed transition period for organizations to update “census tract designations to reflect population data in the years 2016–2020,” as the draft rulemaking mandates that those wishing to take advantage of the 30C credit “must place the property into service within a specific census tract designation.”
- Clarify whether the location of the refueling infrastructure “would need to be made available to the public to qualify for the 30C tax credit.”
- Provide tax credit “eligibility for certain property directly attributable to the operation of alternative fuel vehicle refueling property, such as electrical panels and conduit/wiring, and ask that the agency also consider related construction and other project costs for eligibility.”
NAM Hosts 2024 Manufacturing Legal Summit
Manufacturers operate in a world of complex legal and regulatory challenges. In the wake of a national election, with a new administration and Congress on the horizon, those challenges are amplified, as in-house counsel must navigate a rapidly evolving compliance landscape.
The NAM’s third-annual Manufacturing Legal Summit, held Nov. 12–13 at the Willard InterContinental in Washington, D.C., helped in-house counsel at manufacturing companies map the road ahead. The event brought together nearly 150 such leaders from across the United States to share information and best practices.
The goal: “This is the only legal conference geared specifically for manufacturing lawyers,” said NAM Deputy General Counsel for Litigation Erica Klenicki. “What we hear consistently is that the opportunity to connect with others in the industry who are dealing with the same challenges is invaluable. Especially on the brink of a new administration and regulatory environment, we were able to provide connection and content that attendees found particularly helpful.”
The program: The Legal Summit covered a range of topics, including the following:
- Antitrust: A team of experts from Freshfields, including former FTC Commissioner Christine Wilson, joined with Saint-Gobain North America Senior Vice President, General Counsel & Secretary La-Toya Hackney to offer a candid deep dive into enforcement trends from the Biden FTC and what to expect from the new administration.
- Supply chain and ESG: Experts from Foley & Lardner joined Pelican Products Corporate Import/Export Compliance Manager Susan Cass to discuss the growing requirements surrounding supply chain transparency and integrity and best compliance practices for multinational companies.
- PFAS: Industry leaders from Greenberg Traurig provided a comprehensive overview of per- and polyfluoroalkyl substances, including the changing definition of PFAS, the regulatory landscape and how environmental marketing impacts risk, corporate strategy and consumer trust.
- Junk science: This product liability session offered strategies for combating junk scientific theories used to wage high-stakes litigation. It was led by experts from Shook, Hardy & Bacon, as well as Kimberly-Clark Corporation Associate General Counsel Kelly Vickers and Johnson & Johnson Assistant General Counsel Aviva Wein.
- NLRB: Experts from Fisher Phillips recapped the Biden Board’s sweeping changes to labor law and offered predictions on which changes will remain when the new administration takes the helm.
- Election debrief: NAM Managing Vice President of Government Relations Stef Webb offered attendees clarity and context on the 2024 general election, including the political outlook for manufacturers in a Republican-controlled Congress and White House.
- Regulatory law: Panelists from Kennametal, Saint-Gobain and U.S. Steel joined moderator Brendan Collins of Ballard Spahr to talk about recent landmark changes to administrative law and the impact of those decisions on their companies’ approaches to compliance and enforcement.
- AI: Counsel Eran Kahana from Maslon LLP led a thought-provoking discussion on the intersection of generative AI and legal ethics, including the due diligence obligations of in-house counsel as firms adopt this evolving technology.
The reaction: Participants spoke highly of the content and the opportunity for relationship building:
- “This was my first NAM Legal Summit, and I could not be more pleased with the topics presented, as well as the networking opportunities,” said Erin Tannock, compliance counsel for Viega LLC. “The content was relevant and current. I even had a few ‘aha’ moments! This event is worth the time, and I will be attending for years to come.”
Guide to the 119th Congress
On Nov. 5th, President-elect Donald Trump secured enough electoral college votes to become the 47th President of the United States. Republicans also flipped four Senate seats, meaning they will have a 53-47 majority entering the 119th Congress, and maintained control of the House though a small number of congressional races remain outstanding. For the first time since 2016, Republicans will have unified control of both Congress and the White House once President-elect Trump is sworn in on Jan. 20, 2025.
For now, as we enter the “lame duck” session of the 118th Congress, there remains a substantial laundry list of items for members to address before adjourning this session. Both the House and Senate return this week for the first time since the October break.
119th Congress Leadership Elections
Upon having control of both chambers next Congress, House and Senate Republicans returned to Washington this week to elect their respective leadership teams and establish their rules packages for the 119th Congress.
House Republican Leadership
- Speaker of the House – Mike Johnson (R-LA)
- House Majority Leader – Steve Scalise (R-LA)
- House Majority Whip – Tom Emmer (R-MN)
- House Republican Conference Chair – Lisa McClain (R-MI)
Rep. McClain is replacing Elise Stefanik (R-NY) who has been nominated as Ambassador to the United Nations by President-elect Trump.
Senate Republican Leadership
- Senate Majority Leader – John Thune (R-SD)
Sen. Thune will be taking over as GOP Leader from Mitch McConnell (R-KY), who is stepping down after a record 18 years in the position. - Senate Majority Whip – John Barrasso (R-WY)
- Conference Chair – Tom Cotton (R-AR)
- Policy Chair – Shelley Moore Capito (R-WV)
House Democratic Leadership
House Democrats have scheduled their leadership elections for Nov. 19th. It is unlikely there are major changes for the current leadership roster.
- House Minority Leader – Hakeem Jeffries (D-NY)
- House Minority Whip – Katherine Clark (D-MA)
- House Democratic Caucus Chairman – Pete Aguilar (D-CA)
Senate Democratic Leadership
Senate Democrats have not currently scheduled their leadership elections, but it is unlikely the top two positions change. There will be an opening for the third ranking position with Senator Debbie Stabenow (D-MI) retiring.
- Minority Leader – Chuck Schumer (D-NY)
- Minority Whip – Dick Durbin (D-IL)
- Chair of Policy and Communications Committee – To be determined
Debbie Stabenow (D-MI) is retiring from Congress. Amy Klobuchar (D-MN) and Cory Booker (D-NJ) have signaled their interest in this position.
Lame Duck Legislative Outlook
Congress has roughly five legislative session weeks before the Christmas break and several policy items to address in that time. Upon returning to Washington, policymakers face two must-pass pieces of legislation: the FY 2025 National Defense Authorization Act and a government funding package to prevent a shutdown when current funding runs out at midnight on Dec. 20th. On either NDAA or the government funding package, lawmakers may seek to include some form of disaster relief for victims of the recent hurricanes and an extension of the current Farm Bill.
In the Senate, it is likely that Democratic Majority Leader Chuck Schumer will move to advance as many of President Joe Biden nominees, including judicial appointments, as possible in the remaining weeks before Republicans take control of the confirmation process next year. Finally, the current debt limit suspension expires on Jan. 2, 2025. Congress will have to address the limit, or Treasury will be forced to take “extraordinary measures” to avoid a default in early 2025.
With these remaining weeks, the NAM continues to engage and encourage lawmakers to advance manufacturers’ priorities before Congress adjourns for the year.
NLRB Overturns 40-Year Precedent
When employers tell workers that unionizing would harm employee–manager relationships, they might be violating federal law, the National Labor Relations Board ruled last week (Law360, subscription).
What’s going on: “Telling workers that a union would come between them and their bosses may violate the National Labor Relations Act because it’s an effective threat to end workers’ direct relationships with management, a majority comprising the board’s three Democrats said [last] Friday in a case involving Starbucks.”
- The groundbreaking decision overturns nearly four decades of precedent. In its 1985 Tri-Cast ruling, the NLRB allowed employers to tell employees that unionization would strain worker–manager relationships “so long as they didn’t explicitly or implicitly threaten employees” when doing so (JD Supra).
- The NLRB said such cases will now be decided on a case-by-case basis.
Looking ahead: The ruling will only apply to future cases, however, “allowing past communications under the Tri-Cast standard to stand without retroactive penalties” (JD Supra).
Manufacturers Launch Seven-Figure Ad Campaign Urging PBM Reforms in Lame Duck
Washington, D.C. – The National Association of Manufacturers has launched a seven-figure video and digital advertising campaign urging Congress to pass legislation this year to bring much-needed reform to pharmacy benefit managers, whose practices increase health care costs for manufacturers and manufacturing workers. The NAM’s Q3 2024 Manufacturers’ Outlook Survey found that 78% of small manufacturers with fewer than 50 employees cite rising health care costs as a primary business challenge—the top concern among small business respondents in the survey.
“Manufacturers are clamoring for Congress to rein in PBMs this year. The momentum is with lawmakers to enact comprehensive reform in both the government and commercial health insurance market that increases transparency and reduces prices for everyone,” said NAM President and CEO Jay Timmons. “Manufacturing workers and retirees are spending more at the pharmacy counter, in large part because insurer-owned PBMs drive up their own profits by inflating prescription drug prices and pocketing discounts that biopharmaceutical manufacturers intended to be passed on to patients.”
Timmons continued, “Congress has an extraordinary opportunity in the lame duck to pass transformative legislation that increases transparency into PBMs’ business practices, delinks PBM compensation from drug prices and puts patients first.”
To view the NAM’s latest digital ad, click here.
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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 $2.91 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
NAM Sees Strength for Manufacturing as Washington Transitions
With a new administration and Congress on the horizon, the NAM is signaling confidence in its ability to secure wins for manufacturing in the United States, highlighting both recent achievements and policy priorities moving forward.
“The NAM has always focused on what’s best for manufacturing in America, and our track record speaks to that,” said NAM Executive Vice President Erin Streeter. “Our approach is consistent because we know what it takes to get results.”
What we’ve delivered: With post-partisan engagement, the NAM has achieved historic policy wins across both recent administrations, including:
- Tax reform: The NAM’s advocacy helped shape the 2017 tax cuts, driving billions in savings that manufacturers have reinvested in jobs, innovation and facility upgrades.
- Regulatory certainty: The NAM has played a pivotal role in streamlining regulations, reducing compliance costs under the Trump administration and working to slow regulatory expansion during the Biden years.
- United States-Mexico-Canada Agreement: The NAM was a key advocate for USMCA, safeguarding U.S. jobs by ensuring fairer competition and greater access to key markets.
- Energy advances: NAM-backed policies have supported growth in domestic energy production, creating a more stable energy market.
- Infrastructure and CHIPS Act: The NAM was instrumental in securing the historic Bipartisan Infrastructure Law and the CHIPS and Science Act, both critical for modernizing the economy, bolstering national security and ensuring a reliable semiconductor supply.
“These wins demonstrate what we bring to the table,” Streeter said. “By staying focused on manufacturing’s priorities, we can partner effectively with the new administration and Congress to create and protect jobs and strengthen communities.”
Looking ahead: The NAM’s focus on core issues remains critical for keeping the sector competitive and resilient, Streeter continued. These issues include:
- Securing tax reform: The NAM’s “Manufacturing Wins” campaign aims to lock in key 2017 tax provisions that manufacturers rely on for stability and growth. “Tax reform has been a game-changer,” said Streeter. “Protecting that progress means more jobs and manufacturing-led growth across the country.”
- Regulatory certainty: The NAM is advocating for balanced regulations that support competitiveness. “Manufacturers thrive with clear, fair rules,” Streeter noted. “We’re making sure Washington understands the importance of regulatory stability—and the danger of excessive regulation.”
- Energy security: The NAM is working to secure reliable, affordable energy while fostering innovation in sustainability. “Energy security and grid reliability are top of mind for every manufacturer,” Streeter added. “We’re ensuring manufacturers can continue to innovate, grow and drive America forward.”
Bottom line: The NAM remains focused on advocating for policies that strengthen U.S. manufacturing. “Our success is built on trust and influence,” Streeter said. “Our members know the NAM is a constant force, with the relationships and expertise to deliver, regardless of political changes.”
In related news, President-elect Trump has named campaign manager Susie Wiles as White House chief of staff (Reuters, subscription), a choice NAM President and CEO Jay Timmons called “a powerful move to bring bold, results-driven leadership to the White House from day one.”
Trump’s First Term: A Historic Era for Manufacturing
President Trump’s first term delivered significant wins for manufacturing in the United States, from tax reform to a regulatory overhaul to new trade agreements. Now, as the president-elect gears up for a second term, we look back on the transformational achievements and the NAM’s role in shaping policies that revitalized manufacturing in the U.S.
“Rocket fuel”: President Trump took the stage at the NAM’s board meeting in September 2017, where he laid out his tax reform agenda, describing it as “rocket fuel” for the U.S. economy. This was no ordinary policy effort—it was a generational initiative that would reshape industry in the United States.
- The impact: The Tax Cuts and Jobs Act delivered a 21% corporate tax rate while instituting full and immediate expensing for capital investments, improved interest deductibility and provided other critical provisions for small manufacturers and the entire industry.
- As a result, manufacturers nationwide reported record optimism, expanded operations, hired more workers, increased wages and benefits and reinvested in their communities.
Regulatory certainty: Recognizing that excessive regulations were stifling growth, the Trump White House asked then-NAM Board Chair David Farr in the first half of 2017 to compile a report from NAM members on the regulations causing them the most harm. The NAM team worked closely with administration leaders to address these pain points, compiling a list of 158 regulations for reform, with an emphasis on regulatory predictability and simplicity.
- The impact: By the close of Trump’s first term, more than 90% of the NAM’s regulatory recommendations were addressed or nearing completion. This unprecedented relief helped manufacturers focus on growth, product innovation and expansion.
Stronger deals: The Trump administration kept manufacturers and the NAM at the table, forging a trilateral deal to strengthen manufacturing’s competitive edge.
- The impact: Thanks in large part to manufacturers’ persistent advocacy work with lawmakers on Capitol Hill, the United States–Mexico–Canada Agreement was signed into law, restoring trade certainty for the North American markets that support millions of manufacturing jobs in the United States.
- While the NAM continues to pressure Mexico and Canada to live up to their commitments, the agreement strengthened businesses in the U.S. by ensuring updated trade standards, bolstering protections for intellectual property and digital trade and enhancing cooperation among North American partners.
Energy independence: Under President Trump’s administration, the NAM advanced an all-of-the-above energy strategy that included expanded domestic energy production and efficiency efforts. The NAM partnered with the Environmental Protection Agency and the Department of Energy to promote practices that both protected the environment and advanced innovation for a sustainable future.
- The impact: As former Trump EPA Administrator Andrew Wheeler pointed out recently at NAM headquarters in Washington, the rollback of restrictive energy regulations and the decision to maintain workable standards empowered manufacturers to increase domestic energy production, which reduced costs and bolstered energy independence.
- This balanced approach allowed manufacturers to meet consumer demand, strengthen supply chains and make greater contributions to America’s economy and environmental stewardship.
Safeguarding American IP: Confronting unfair trade practices with China was another priority. In 2019, the NAM worked closely with the White House to secure the “phase one” trade deal with China, which was designed to strengthen protections for American IP and help level the playing field for manufacturers in the U.S.
- The impact: The agreement established enforceable trade standards with China, aiming to protect U.S. innovations and support American jobs.
Operation Warp Speed: As the COVID-19 pandemic unfolded, manufacturers were at the forefront of the response. The NAM and its members partnered with the Trump administration to secure essential operations activity to implement Operation Warp Speed, a public–private partnership that fast-tracked the development, manufacturing and distribution of vaccines.
- The impact: Operation Warp Speed delivered lifesaving vaccines in record time, saving millions of lives, ending the global pandemic and demonstrating the unequaled capacity of American innovation and manufacturing.
Dignity of work: To address the skills gap, the Trump White House created the American Workforce Policy Advisory Board, naming NAM President and CEO Jay Timmons a member. Alongside other manufacturing leaders, and with the support of the NAM’s workforce development and education affiliate, the Manufacturing Institute, Timmons worked with the administration to elevate manufacturing careers and expand access to training. In a key event, the NAM and Ivanka Trump, who received the Alexander Hamilton Award for her leadership in championing manufacturing, launched the Creators Wanted Tour in 2020 to inspire the next generation of manufacturers and close the skills gap.
- The impact: Creators Wanted became the largest industry campaign to build excitement about modern manufacturing careers, highlighting the industry’s high-tech, well-paying jobs and reinforcing its role in supporting the American Dream. The campaign helped shift parents’ positive perception of manufacturing careers from 27% to 40% and signed up more than 1.5 million students and career mentors to learn more about manufacturing careers.
Bottom line: “President Trump’s first term reshaped what’s possible for manufacturing in the United States,” said NAM Executive Vice President Erin Streeter. “As he prepares to lead again, manufacturers have the benefit of building on a strong foundation with the president-elect as well as the purpose and pride that the industry brings out in lawmakers on both sides of the aisle.”
Manufacturing Tax Team Tours Michigan
Rep. Vern Buchanan (R-FL-16), chairman of the House Ways and Means Committee’s American Manufacturing Tax Team, led a group of House GOP members on a tour of manufacturing facilities in Michigan last month. The tour highlighted the importance of extending critical tax provisions set to expire in 2025.
Reps. Mike Collins (R-GA-10), Kevin Hern (R-OK-1), Victoria Spartz (R-IN-5) and Rudy Yakym (R-IN-2) joined Rep. Buchanan for a series of discussions focused on ensuring that the tax code enables manufacturers in the U.S. to remain globally competitive.
Touring DENSO: The representatives first visited DENSO’s facility in Southfield, where executives outlined the crucial role research and development plays in the automotive sector. However, the expiration of immediate R&D expensing in 2022 has threatened to hamstring their capacity to innovate, DENSO’s leaders said.
- Buchanan emphasized the urgency of reinstating immediate R&D expensing to keep manufacturers in the U.S. competitive. “We cannot allow our manufacturers to fall behind in innovation because of uncompetitive tax policies,” he said.
- “Restoring R&D expensing will allow companies like DENSO to continue investing in their businesses, employees and local communities.”
Lunch with manufacturers: Next, the NAM hosted a luncheon roundtable for the representatives and local manufacturers, where participants discussed the need to preserve pro-growth tax policies.
- NAM Executive Vice President Erin Streeter opened the discussion by highlighting how the 2017 Tax Cuts and Jobs Act has been “rocket fuel” for the manufacturing industry. “Tax reform led to historic job creation and wage growth for manufacturers of all sizes,” Streeter said. “Congress must protect manufacturers from devastating tax increases by preserving tax reform in its entirety.”
- Several manufacturers voiced concerns about threats to key tax provisions, including the pass-through deduction and the 21% corporate tax rate.
- “If these tax policies are allowed to expire, we’ll be forced to cut back on investments that drive growth,” one local manufacturer said.
Visiting Magna International: Last, the representatives toured Magna International’s facility in St. Clair, where the group got to see the production of the company’s cutting-edge autonomous vehicle technology.
- During the tour, Magna’s leaders noted that the expiration of pro-growth tax provisions could hamper future investments in these critical technologies.
Momentum: These events followed a series of facility visits from key congressional leaders over the August congressional recess, hosted by the NAM and spotlighting the top priorities of American manufacturers.
- “These discussions are shaping the future of manufacturing right here on the shop floor,” said NAM Managing Vice President of Government Relations Stef Webb. “From R&D expensing and accelerated depreciation to the pass-through deduction and the corporate tax rate, these are the policies manufacturers need to stay competitive in the global market.”
The last word: Following the day’s events, Rep. Buchanan reaffirmed the Manufacturing Tax Team’s commitment to ensuring a competitive tax environment.
- “We must fight to preserve the tax policies that have allowed American manufacturing to thrive,” Rep. Buchanan said. “The stakes are high, and Congress must act before it’s too late.”
If you want to add your voice to the fight for tax reform, or host legislators for a facility visit, check out the NAM’s “Manufacturing Wins” campaign.