Ways and Means Tax Bill Delivers for Small Manufacturers in America
Washington, D.C. – In advance of the expected House vote on legislation to renew the 2017 tax reforms, Click Bond CEO and NAM Small and Medium Manufacturers Group Chair Karl Hutter, Husco President and CEO and NAM SMM Group Vice Chair Austin Ramirez, Ketchie President and Owner and NAM Executive Committee Member Courtney Silver and Winton Machine Company CEO and Co-Owner and NAM Board Member Lisa Winton released the following statement:
“Chairman Smith and the Ways and Means Committee are advancing legislation that builds on the pro-growth foundation of the 2017 Tax Cuts and Jobs Act. This bill is a crucial step toward restoring key pro-investment tax policies, and enacting new ones, that provide essential tools for manufacturers of all sizes—especially small and medium-sized enterprises—to innovate, create jobs and invest in their communities.
“Increasing and making permanent the pass-through deduction will empower small and medium-sized manufacturers to create jobs in their communities. Enhancing the estate tax exemption will protect family-owned businesses from devastating tax increases when a loved one passes away. Reinstating incentives for R&D and capital investment will ensure SMMs have the capital they need to power the American economy. And preserving tax reform’s corporate and individual rates will support growth and innovation at growing companies across the country.
“These policies aren’t abstract economic theories—they are real incentives that enable us to expand manufacturing in America. We urge Congress to act swiftly to pass this legislation, support our sector’s continued growth and reaffirm America’s commitment to a strong manufacturing future.”
Background:
Hutter, Silver and Winton recently participated at an “Invest in America” roundtable at the U.S. Capitol organized by House Majority Whip Tom Emmer (R-MN) and attended by Treasury Secretary Scott Bessent, as well as House Ways and Means Committee Chairman Jason Smith (R-MO).
Silver and Winton joined Chairman Smith, Senate Finance Committee Chairman Mike Crapo (R-ID) and House Majority Leader Steve Scalise (R-LA) for a press conference earlier this year on the urgent need to preserve tax reform to protect 6 million American jobs.
In January, Silver testified before the House Ways and Means Committee for the hearing “The Need to Make Permanent the Trump Tax Cuts for Working Families.”
In February, Hutter testified before the House Committee on Small Business for the hearing “Hope on the Horizon: Prioritizing Small Business Growth in the 119th Congress.”
In April, Winton hosted Kelly Loeffler, administrator of the Small Business Administration, for a facility visit in Suwanee, Georgia, as part of the SBA’s Made in America Manufacturing Initiative.
Last year, Ramirez testified before the House Ways and Means Committee for the hearing “Expanding on the Success of the 2017 Tax Relief to Help Hardworking Americans.”
Key Facts:
In January, the NAM released a landmark EY study on the economic consequences of failing to renew the pro-manufacturing provisions of the TCJA by the end of 2025.
Nationwide economic damage:
- 5.9 million lost jobs
- $540 billion reduction in employee compensation
- $1.1 trillion shortfall in U.S. GDP
Manufacturing impact:
- 1.137 million lost manufacturing jobs
- $126 billion reduction in manufacturing worker compensation
- $284 billion manufacturing GDP reduction
To view the study, including state and district impacts, click here.
-NAM-
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 $2.94 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.