Sen. Daines: How We’re Working to Avert a Tax Crisis
Manufacturing-critical provisions from 2017 tax reform are set to expire at the end of next year—unless Congress acts. As part of our 2025 tax campaign, , the 17³Ô¹ÏÔÚÏß recently interviewed Sen. Steve Daines (R-MT) to learn more about what these expirations would mean for manufacturers and what Congress is doing to prevent the resulting tax hikes.
Here’s the written interview.
17³Ô¹ÏÔÚÏß: Sen. Daines, many of tax reform’s pro-manufacturing policies expire at the end of 2025—including those with disproportionate impacts on small manufacturers, like the pass-through deduction and the individual income rate cuts. What is Congress doing to prevent these damaging tax increases?
Daines: The best defense against a looming tax hike is a good offense. Senate Finance Republicans have begun organizing to examine the [Tax Cuts and Jobs Act of 2017] policies expiring next year, and the pass-through deduction is at the top of that list. We can’t allow these provisions to expire and let America’s working families, manufacturers and small businesses face a $6 trillion tax hike. That will make manufacturers less competitive against foreign competition by stifling investment and crushing their bottom line at a time when they should be looking for ways to increase wages and invest in innovation.
17³Ô¹ÏÔÚÏß: You have introduced the Main Street Tax Certainty Act in the Senate and been a champion for pass-throughs since the TCJA was signed into law. How would your bill prevent tax hikes for pass-through manufacturers?
Daines: The Main Street Tax Certainty Act provides much-needed certainty to America’s small businesses by making the permanent. This helps create good-paying jobs and grows the economy. If it’s allowed to expire, small businesses face an immediate 20% tax hike.
17³Ô¹ÏÔÚÏß: The Senate Finance Committee has established tax working groups to examine the TCJA expirations. What will be your focus as the committee begins examining these scheduled tax changes?
Daines: My focus is on making the Trump era tax cuts permanent, which will create a more stable, growing economy.