Rep. Yakym Visits Wabash Castings, Talks Tax Reform Renewal
Rep. Rudy Yakym (R-IN) visited Wabash Castings, a division of Wisconsin Aluminum Foundry, recently to meet with company leadership and discuss key manufacturing policy issues, focusing in particular on the urgent need to extend pro-growth tax provisions set to expire in 2025.
The visit: Wabash Castings Vice President and General Manager Eric Terrell led the tour, showcasing the foundry’s aluminum casting capabilities and explaining how key provisions of the 2017 Tax Cuts and Jobs Act have enabled the company to invest in new equipment, expand operations and support high-quality jobs.
- “Tax reform allowed us to reinvest in our business and workforce,” said Terrell. “If these provisions expire, the financial strain on manufacturers will be significant, making it harder to compete, grow and create jobs.”
The policy discussion: Rep. Yakym, a member of the House Ways and Means Committee, emphasized the need to extend critical tax provisions that support manufacturing, including:
- Full expensing for capital investments, allowing manufacturers to upgrade equipment and machinery;
- Immediate R&D expensing, ensuring manufacturers in the U.S. remain leaders in innovation; and
- A competitive corporate tax rate, preventing job losses and economic decline.
“Manufacturing is the backbone of Indiana’s economy,” said Rep. Yakym. “If we allow these tax provisions to expire, we risk slowing job creation and investment. I’m committed to working with Congress to prevent tax hikes that could undermine our economic momentum and hurt businesses, workers and families.”
What’s at stake for Indiana: If Congress does not act, Indiana manufacturers will face 122,000 lost jobs, $10.8 billion in lost wages and a $21.5 billion decline in GDP. In the state’s 2nd Congressional District alone, 16,000 jobs and $2.6 billion in GDP are at risk.
The NAM says: NAM Managing Vice President of Policy Charles Crain underscored the consequences of inaction. “Manufacturers are already feeling the impact of expiring tax provisions,” he said. “Without congressional action, tax hikes will stifle investment, innovation and job creation.”