Timmons: Renew Tax Cuts to Give Manufacturers Certainty

Congress must immediately renew President Trump’s signature 2017 tax reform law, the NAM said Tuesday.

What’s going on: “Manufacturing is a capital-intensive industry—and we must plan months and often years in advance to grow and compete,” NAM President and CEO Jay Timmons said.

“We cannot afford to wait on action, especially with additional cost pressures from the renewal and extension of tariffs. Manufacturers are calling on Congress to act now to renew the 2017 Tax Cuts and Jobs Act.”
The remarks came following President Trump’s Tuesday imposition of 25% tariffs on imports of steel and certain steel derivatives and on aluminum and aluminum derivatives.

Why it’s important: Failure to renew the pro-growth tax measures in the TCJA “will put 6 million jobs at risk and make it even harder for manufacturers to drive growth and strengthen supply chains,” Timmons continued, referencing a data point from a recent, widely cited NAM study.

“We cannot risk giving our competitors an edge while jeopardizing American jobs and economic strength.”