Manufacturers campaigning against proposed tax increase
September 28, 2021 | 9:38 am CDT
Christopher Netram NAM

Christopher Netram, VP Tax and Domestic Policy, will explore the impact of proposed corporate tax increases on U.S. manufacturers in a webinar on October 1.

According to the National Association of Manufacturers, tax increases proposed in the current budget reconciliation legislation being negotiated in Congress could have a serious impact on manufacturers.

Two executives from NAM will speak in a webinar Friday, Oct. 1, presented by the Electronic Components Industry Association. Michael O’Brien, AVP Advocacy, and Christopher Netram, VP Tax and Domestic Policy, will explore the impact of proposed corporate tax increases on U.S. manufacturers, provide tax policy perspective, as well as engagement opportunities for companies. The U.S. House Ways and Means Committee is considering legislation to increase taxes by approximately $2 trillion over the next decade as part of the Build Back Better Act (the budget reconciliation bill). The bill will negatively impact manufacturers across the U.S in every industry sector, according to NAM.

Michael O'Brien NAM
Michael O’Brien (AVP, Advocacy) National Association of Manufacturers.

“There’s no getting past the fact that this tax plan adds up to fewer jobs for American workers," Aric Newhouse, National Association of Manufacturers Senior Vice President of Policy and Government Relations, said in a statement. "A study of proposed tax increases—including a 25% corporate rate—found that America would lose 1 million jobs in just the first two years."

NAM is asking its association partners to join their campaign against the legislation. To that end, ECIA has hastened to schedule a Special Briefing webinar to explain the details of the legislation and why NAM believes it is the wrong approach, actually discouraging the renewal of manufacturing in the U.S.

"Building a strong economy takes more than wishful thinking; it requires a competitive business environment," said Newhouse. "Manufacturers are committed to rebuilding our economy and sustaining our recovery—even amid the surge of COVID-19 cases. If lawmakers share that commitment, then they would rethink tax proposals like this."

"This webinar will bring NAM's expertise directly to ECIA members to unpack this important issue," added David Loftus, ECIA President and CEO. "Our NAM guests have been walking the floors of the Capitol as this legislation was developing and have the most up to date knowledge about what the impact will be. I highly encourage all our members to spread the word and encourage their colleagues to attend this Special Briefing to learn what can be done to stop this 'recovery-stunting' legislation."

You can register to attend the webinar here.

 

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William Sampson

William Sampson is a lifelong woodworker, and he has been an advocate for small-scale entrepreneurs and lean manufacturing since the 1980s. He was the editor of Fine Woodworking magazine in the early 1990s and founded WoodshopBusiness magazine, which he eventually sold and merged with CabinetMaker magazine. He helped found the Cabinet Makers Association in 1998 and was its first executive director. Today, as editor of FDMC magazine he has more than 20 years experience covering the professional woodworking industry. His popular "In the Shop" tool reviews and videos appear monthly in FDMC.