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“Rocket Fuel:” U.S. Manufacturers Call for Passage of Pro-Growth Tax Relief for American Families and Workers 

March 04, 2024

WASHINGTON, D.C. – In his recent 2024 State of Manufacturing speech, National Association of Manufacturing President and CEO Jay Timmons called on the Senate to pass the Tax Relief for American Families and Workers Act that will lock in $600 billion of pro-growth tax incentives for American job creators and innovators.

American manufacturers benefit, in particular, from the restoration of immediate research and development (R&D) expensing. Over half of the credit’s value is claimed by manufacturers who face stiff competition from Chinese companies that benefit from a 200 percent R&D “super deduction.”

If the pro-growth, pro-job Trump tax cuts are not extended, American manufacturers and workers could fall behind their foreign competitors:

“Remember the 2017 tax reforms? They were rocket fuel for our industry. We kept our promises to raise wages, hire workers and invest in our communities. We would not be outpacing other countries without them.

“But many of the competitive rates and the pro-growth deductions we won in 2017 are expiring in 2025. Some already have.

“Can we agree that it is economic malpractice to let taxes go up on innovators and on America’s small businesses? Why should you have to work even harder to compete with China?”

Manufacturers are urging the Senate to pass these common-sense tax incentives that help American businesses create jobs and invest and build in our communities:

“…Congress should bring back some of the tax policies that made it easier for manufacturers to invest in the future.

“Right now, our entire industry is waiting on the U.S. Senate to pass a bipartisan tax bill that restores expired or phasing-out tax incentives for investments in R&D, new facilities and equipment…It’s just common sense that the tax code should encourage these kinds of investments.”

READPASSED: House Approves Tax Deal to Deliver Relief for Working Families and Small Businesses, and Help America Compete with China

READWhat They Are Saying: Tax Relief for American Families and Workers Act Continues Pro-Growth Record of GOP Tax Reform