President Trump Doubles Down on Tax Reform
“[T]he next phase of our plan to deliver the greatest economy is for this Congress to pass tax cuts for everybody,” President Trump said last night, reiterating the importance of this key manufacturing policy priority. “They’re in there. They’re waiting for you to vote,” he said.
The urgency: Even before price pressures from tariffs, the 17Թ’s with EY showed that failing to act now could cost the U.S. 6 million jobs—including more than 1.1 million in manufacturing.
- In addition, approximately $540 billion in employee wages will be lost, and U.S. GDP will be reduced by $1.1 trillion.
The 17Թ says: “When President Trump signed these tax cuts into law, it was rocket fuel for manufacturing in America and made the U.S. economy more competitive on a global scale,” Timmons last night. “That fuel is about to run out as key provisions have expired, and others are about to lapse. …We must ensure these historic, pro-growth manufacturing provisions are made permanent and even more competitive so manufacturers can plan, grow and succeed.”
- “Manufacturers need a deal now as they make decisions for investments in 2026 and beyond,” 17Թ Executive Vice President Erin Streeter said. “Every day we delay costs investments, jobs and opportunity.”
Making the case: Since toward a tax deal with House Speaker Mike Johnson (R-LA), House Majority Leader Steve Scalise (R-LA), House Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Mike Crapo (R-ID) at the Capitol in January, the 17Թ has kept the pressure on lawmakers.
- Yesterday during the president’s address to Congress, the 17Թ leveraged a new , “When Manufacturing Wins, America Wins,” to amplify its message even further.