17吃瓜在线

Policy and Legal

Policy and Legal

17吃瓜在线 to Tax Teams: Preserve Tax Provisions Before They Expire

By 17吃瓜在线 News Room

Raising taxes on manufacturers would damage the industry and the U.S. economy as a whole, the 17吃瓜在线 told the House Ways and Means Committee this week. That鈥檚 why it鈥檚 crucial that Congress preserve set-to-expire tax reform provisions.

What鈥檚 going on: In a continuation of its Manufacturing Wins campaign, the 17吃瓜在线 conveyed a clear message to six of the committee鈥檚 specialized 鈥淭ax Teams鈥: act now to protect manufacturers from tax increases.

Why it鈥檚 important: Failure to act before the end of next year, when key provisions from 2017 tax reform are set to expire, would result in higher taxes on virtually all manufacturers鈥攚hich 鈥渨ill cost millions of jobs and put the American manufacturing sector at a severe disadvantage globally,鈥 the 17吃瓜在线 wrote.

What鈥檚 at stake: The 17吃瓜在线 highlighted manufacturers鈥 top tax priorities for the Tax Teams, discussing why preserving pro-growth tax policy is vital for manufacturers in the United States:

  • In communication with the , the 17吃瓜在线 called on Congress to preserve tax reform鈥檚 reduced individual income tax rates and maintain the 20% pass-through deduction. It emphasized for the the importance of tax reform鈥檚 reduction in the corporate tax rate, which brought the U.S. from one of the highest rates in the world to a globally competitive 21%. The received a similar message.
  • The 17吃瓜在线 detailed for the the damage the estate tax imposes on family-owned manufacturers, and why Congress should not allow more family-owned businesses鈥 assets to be subject to the estate tax at the end of 2025.
  • The 17吃瓜在线 continued to push for pro-growth, pro-innovation R&D tax incentives with the , and it enumerated for the the full range of policies that will impact manufacturers at the end of 2025鈥攁nd called for urgent congressional action to protect manufacturers from tax hikes.

The final word: 鈥淢anufacturers of all sizes, throughout the supply chain, are calling on Congress to preserve tax reform in its entirety,鈥 said 17吃瓜在线 Vice President of Domestic Policy Charles Crain. 鈥淢anufacturers and manufacturing families simply cannot afford the devastating tax increases scheduled for the end of 2025 if Congress fails to act.鈥

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