The American manufacturing sector is urging Congress to extend the tax cuts introduced during Donald Trump's presidency. Ways and Means Committee Chairman Jason Smith and National Association of Manufacturers CEO Jay Timmons highlighted the importance of these tax policies in a recent op-ed.
"The people have spoken loud and clear: They want a stronger, more competitive America," they stated, emphasizing the positive impact of the 2017 Trump tax cuts on manufacturing. According to Smith and Timmons, these reforms have been instrumental in enabling manufacturers to hire more workers, increase wages, and invest in new technologies.
Several industry leaders testified about the benefits of the tax cuts at a field hearing in Georgia. Lisa Winton from Winton Machine Company credited the reforms for her ability to expand her workforce and make significant investments. Similarly, Courtney Silver from Ketchie used the incentives to advance technology and improve employee compensation.
Austin Ramirez from Husco shared that these policies allowed his company to create jobs and enhance research capabilities. He described it as "the most significant renovation" of his business in decades.
Despite these successes, many provisions of the 2017 tax reforms are expiring or set to lapse soon. Without intervention, manufacturers could lose critical incentives for research and development. Small businesses may face increased tax rates, potentially reaching 43.4%.
Smith and Timmons argue that "Trump was clear that his signature tax cuts must be protected and expanded." They cite a study by the National Association of Manufacturers warning that nearly six million jobs could be lost without action, with significant GDP losses affecting families and businesses nationwide.
They urge Congress to extend these policies to support American workers and ensure economic growth. "The choice is clear," they assert, calling for legislative action to secure future opportunities for manufacturers.
In conclusion, Smith and Timmons stress that maintaining momentum from recent elections is crucial for protecting these reforms and fostering continued success for American workers beyond 2025.
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