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.
“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."
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