17�Թ�����

Washington, D.C. – Following the inclusion in the budget reconciliation legislation of a tax on so-called “book income,” the 17�Թ����� Vice President of Tax and Domestic Economic Policy Chris Netram released this statement:

“Manufacturers continue to stand in firm opposition against targeting our industry with new taxes to pay for the reconciliation bill. The ‘book tax’ will hit manufacturers harder than other sectors because expanding our operations requires much larger investments in capital equipment than other industries. This new tax doesn’t account for incentives for machinery and equipment purchases and will stifle investment in our communities and factories. If Congress adopts this policy, the result will be fewer opportunities in towns and cities across the country.

“Regardless of intent, these taxes will harm our industry’s ability to drive our economic recovery. The tax reforms of 2017 allowed us to achieve the best year for manufacturing job creation in more than two decades, and wages, benefits and investment surged. Rather than rolling that back or targeting manufacturers with new taxes, we should keep our tax code competitive and build an opportunity economy together.”

Background:

The 17�Թ����� informed Senate Finance Committee and House Ways and Means Committee leaders of the negative impacts this policy would have for manufacturing. Read the full letter .

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – 17�Թ����� President and CEO Jay Timmons released the following statement on the passing of General Colin Powell:

“A soldier statesman and trailblazer whose biography is filled with ‘firsts,’ General Colin Powell led with his heart and was guided by his conscience. As he rose through the ranks, he was a source of inspiration for an ever-growing number of Americans—demonstrating what principled leadership could look like and what was possible in the United States for a child of immigrants.

“As both a general and a diplomat, he understood well the role that manufacturing plays in securing our national defense. And in both public and private life, he advanced those values that manufacturers know make America exceptional: free enterprise, competitiveness, individual liberty and equal opportunity.

“Sadly, his death is also a stark reminder of just how vicious COVID-19 can still be—and that Americans must remain ever vigilant as we fight the pandemic.

“Service to his country was his life’s work, and as we mourn his passing, our country is grateful for his decades of leadership. Manufacturers extend our deepest condolences to his wife, Alma, his children and his entire family.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 17�Թ����� filed a in federal court against the Securities and Exchange Commission for its nonenforcement of the lawfully adopted 2020 final rule on proxy advisory firms—unregulated third parties with outsized influence on shareholder votes and manufacturers’ corporate governance policies.

“The SEC is changing course, attempting to suspend a commonsense rule that enhances transparency into the work of proxy advisory firms without any opportunity for public comment by the 17�Թ����� or anyone else,” said 17�Թ����� President and CEO Jay Timmons. “When the SEC finalized this reasonable, light-touch regulation, manufacturers strongly supported these necessary reforms because they protect the interests of manufacturing workers, retirees and everyday investors. The 17�Թ����� Legal Center is filing suit to protect manufacturers from this unlawful about-face and to ensure that this rule stays on the books.”

Background:

The 17�Թ����� has long advocated increased oversight of proxy advisory firms—little-known, unregulated entities that exert enormous influence over publicly traded manufacturers. These firms have significant conflicts of interest and issue error-filled, one-size-fits-all proxy voting recommendations that can impact the direction of a business and the value of investors’ shares. In July 2020, the SEC  limiting proxy firms’ outsized influence, a move Timmons called a “long-sought, major win for the industry and millions of manufacturing workers.”

In October 2020, the 17�Թ����� filed a ��������ISS v. SEC (ISS’s attempt to overturn the rule), followed by a  outlining why the SEC’s lawful, reasonable and minimally invasive rule must be upheld. In June 2021, the SEC announced it was reviewing the rule and suspending enforcement thereof, at which point 17�Թ����� Senior Vice President and General Counsel Linda Kelly made clear that the 17�Թ����� would fight “any efforts to bypass the required notice-and-comment process to keep this lawfully issued rule on ice indefinitely.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. –  Following remarks today by U.S. Trade Representative Katherine Tai, 17�Թ����� President and CEO Jay Timmons released this statement:

“China is not following through on important commitments made in the 2020 U.S.–China ‘Phase One’ agreement, and it also remains a hub of bad behaviors—from intellectual property theft to market-distorting industrial subsidies—that harm manufacturers and their employees here in the United States. Manufacturers agree with Ambassador Tai that we need a new, holistic and pragmatic approach to our relationship with China. We are pleased that the Biden administration’s approach , including holding China accountable on the ‘Phase One’ deal, allowing manufacturers to seek tariff relief, stepping up direct U.S. engagement with Chinese officials and working with our allies to ensure that the U.S. shapes the global rules for trade. We look forward to working with USTR on robust measures to ensure quick action in each of these areas to hold China accountable and to strengthen manufacturers and manufacturing workers in America.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.52 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 17�Թ����� and its workforce development and education partner, The Manufacturing Institute, announce the start of . Celebrated annually on the first Friday in October and with programming continuing throughout the month, MFG Day features focused events to showcase the exciting reality of modern manufacturing.

“The two biggest issues facing manufacturers in America are an ongoing perception problem and the skills gap,” said MI Executive Director Carolyn Lee. “We have nearly 900,000 open jobs in manufacturing—a record for the industry—and 4 million jobs will need to be filled by the end of the decade. Closing that gap requires us to inspire, educate and empower the next generation of manufacturing workers—and that’s where MFG Day and our larger Creators Wanted campaign come in. MFG Day provides manufacturers from coast to coast the opportunity to open their doors and highlight the work of the people who make things in America, which will help us recruit skilled talent and reach next-generation manufacturing employees.”

Manufacturers will open their doors—in person or virtually—to students, parents, teachers and community leaders to offer a firsthand look at the career possibilities in the manufacturing industry. Originally founded by the Fabricators & Manufacturers Association, International, MFG Day is an initiative of the MI and also advances the mission of , the industry’s year-round effort to build the workforce of the future.

17�Թ����� President and CEO and MI Chairman of the Board Jay Timmons added:

“As manufacturers of all sizes host MFG Day events and provide firsthand looks at the exciting world of modern manufacturing, attendees will come away with an incredible understanding of the possibilities available to them and with a head start on well-paying, challenging and rewarding careers like no other. MFG Day and all of the related events going on throughout October, along with the continued work of Creators Wanted, are essential parts of manufacturers’ ongoing, legacy work to strengthen and grow the manufacturing workforce of today and tomorrow.”

-The MI-

The MI grows and supports the manufacturing industry’s skilled workers for the advancement of modern manufacturing. The MI’s diverse initiatives support all workers in America, including women, veterans and students, through skills training programs, community building and the advancement of their career in manufacturing. As the workforce development and education partner of the 17�Թ�����, the MI is a trusted adviser to manufacturers, equipping them with resources necessary to solve the industry’s toughest challenges. For more information on the MI, please visit .

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – In advance of tomorrow’s scheduled vote in the U.S. House of Representatives on the Infrastructure Investment and Jobs Act, 17�Թ����� President and CEO Jay Timmons released this statement:

“Congress faces a critical vote tomorrow on historic, bipartisan infrastructure investment. Our lawmakers have an opportunity to demonstrate they can continue to work together to accomplish bold initiatives that make America stronger. One thing is certain: it is impossible to claim to be ‘for the worker’ and for the middle class while actively derailing generational investments to the infrastructure these people use every day. The more than 12 million men and women of manufacturing are counting on lawmakers to send this vital legislation to President Biden’s desk now.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the release of the House Ways and Means Committee’s plan to increase taxes on manufacturers through the budget reconciliation legislation, 17�Թ����� Senior Vice President of Policy and Government Relations Aric Newhouse made this statement:

“There’s no getting past the fact that this tax plan adds up to fewer jobs for American workers. We know from experience that competitive tax rates spur job creation, higher wages and investment in communities. That’s exactly what we saw after the 2017 Tax Cuts and Jobs Act as manufacturers kept their promises. 2018 was the best year for manufacturing job creation in more than two decades. We also know from rigorous economic analysis that reverting to archaic tax policies has the opposite effect. 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.

“Building a strong economy takes more than wishful thinking; it requires a competitive business environment. 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. Few policies would stall our recovery faster. Now is not the time to pursue policies in Washington that will hurt the families and communities of manufacturers in America.”

Study: Negative Consequences of 25% Tax Rate on Manufacturers:

(Source: Dynamic Estimates of The Macroeconomic Effects of Tax Rate Increases and Other Tax Policy Changes)

• 1 million jobs and $107 billion in GDP lost in first two years
• 500,000 jobs lost on average each year over the next decade

Manufacturers on Increasing the Tax Burden:

(Source: 17�Թ�����’s Q3 Manufacturers’ Outlook Survey)

• Nearly 94% of manufacturers said that higher taxes would be harmful to their businesses.
• Roughly 90% of respondents said that their company would find it more difficult to expand their workforce, invest in new equipment or expand facilities if the tax burden on income from manufacturing activities increased.
• Nearly 91% said that higher taxes would also make it more difficult to raise employee wages.

Manufacturing growth following the enactment of 2017 tax reform:

• In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years. (U.S. Bureau of Labor Statistics)
• In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and 3% in 2020. Those were the fastest rates of annual growth since 2003. (U.S. Bureau of Labor Statistics)
• Manufacturing capital spending grew 4.5% and 5.7% in 2018 and 2019, respectively. (U.S. Census Bureau)
• Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008. (Federal Reserve Board)

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – Following President Biden’s speech on new measures to combat COVID-19, 17�Թ����� President and CEO Jay Timmons released this statement:

“Americans can be grateful to President Trump for ‘Operation Warp Speed’ that enabled the United States to develop the lifesaving vaccines against COVID-19 and to President Biden for his continued focus on getting Americans vaccinated. We share their steadfast focus, and manufacturers have led the way in promoting the lifesaving COVID-19 vaccines. They are safe and effective vaccines made for us, by people like us—manufacturers in America.

“We look forward to working with the administration to ensure any vaccine requirements are structured in a way that does not negatively impact the operations of manufacturers that have been leading through the pandemic to keep Americans safe. It is important that undue compliance costs do not burden manufacturers, large and small alike.

“Getting all eligible Americans vaccinated will, first and foremost, reduce hospitalizations and save lives. But it is also an economic imperative in that our recovery and quality of life depend on our ability to end this pandemic. This is why the 17�Թ����� and The Manufacturing Institute continue equipping manufacturers of all sizes with resources to promote vaccination through our ‘This Is Our Shot’ project.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – 17�Թ����� President and CEO Jay Timmons released this statement following U.S. Department of Commerce Secretary Gina Raimondo’s address to the City Club of Cleveland:

“Secretary Raimondo correctly notes that ‘too many Americans feel like they’ve been left behind,’ but returning to archaic tax policies of the past would set Americans back even further. Manufacturers kept their promises to raise wages and invest in their communities after the 2017 tax reform law. Why would anyone want to undo that progress?

“The proposed tax increases would result in 1 million job losses in just the first two years. Manufacturers agree with Secretary Raimondo that we want to give ‘all American workers an opportunity to participate in our economy,’ and we believe in building an opportunity society. But we need continued strong job creation to make that possible—especially as we continue to battle COVID-19.

“The right approach is a bipartisan one—just as President Biden and senators from both parties achieved on infrastructure. Smart investments that don’t impose job-destroying tax increases is the path forward. Lawmakers who choose the more destructive path—the one that jeopardizes family-supporting American manufacturing jobs—will need to explain why they want to undo our historic progress. In 2020, President Biden called on U.S. manufacturing to be ‘part of the Arsenal of Prosperity today.’ We are committed to answering that call, but we need the tools—including competitive tax rates—to achieve that goal.”

Manufacturers on Increasing the Tax Burden:

(Source: 17�Թ�����’s Q3 Manufacturers’ Outlook Survey)

• Nearly 94% of manufacturers said that higher taxes would be harmful to their businesses.
• Roughly 90% of respondents said that their company would find it more difficult to expand their workforce, invest in new equipment or expand facilities if the tax burden on income from manufacturing activities increased.
• Nearly 91% said that higher taxes would also make it more difficult to raise employee wages.

Background on manufacturing growth following the enactment of 2017 tax reform:

• In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
• In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and 3% in 2020. Those were the fastest rates of annual growth since 2003.
• Manufacturing capital spending grew 4.5% and 5.7% in 2018 and 2019, respectively.
• Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – After the publication today of the 17�Թ�����’ latest report, “Ensuring a Healthy Future: The Impact and Importance of Pharmaceutical Manufacturing,” 17�Թ����� President and CEO Jay Timmons released the following statement:

“Pharmaceutical manufacturers are essential to America’s health and well-being and to the success of our economy. They have helped lead our country through crisis, fight the pandemic and drive our recovery. The sector creates hundreds of thousands of jobs, and the work its quarter of a million employees perform is literally lifesaving, improving society in ways that are almost impossible to overstate.”

The report finds that not only have pharmaceutical manufacturers been pioneers in improving the human condition, but the industry also fuels other sectors of the economy.

According to the report:

• Pharmaceutical and medicine manufacturing directly employs an estimated 267,000 workers in the United States and supports nearly 1.9 million more jobs across the country.
• One job in the industry helps support six other jobs in the overall workforce.
• Pharmaceutical and medicine manufacturing generates nearly $339 billion in output. Further, $1.00 in pharmaceutical and medicine manufacturing output generates $1.09 in output elsewhere in the economy.
• For every $1.00 earned by an employee within the industry, $2.42 is earned by others elsewhere in the economy.

“The American public and policymakers too often overlook these accomplishments,” Timmons added. “Traditional economic analysis ignores the way this industry extends and enriches lives, and the public is not fully aware of pharmaceutical manufacturers’ constant focus on innovation and improving the quality of life for everyone. Pharmaceutical manufacturers are always researching, discovering and developing new medicines and treatments, operating at the core of our modern health care system. Their products make it possible for medical professionals to introduce and manage innovative new therapies, and of course, these manufacturers helped create lifesaving COVID-19 vaccines. Moreover, the industry has high economic multipliers that drive production and job creation in other industries.”

Additional Key Findings:

• A successful pharmaceutical ecosystem requires strong private-sector investment. 
  • In 2019, American pharmaceutical companies invested more than $83 billion in research and development, topping off nearly $1 trillion in R&D investment over the past 20 years. A recent study from the National Science Foundation’s National Center for Science and Engineering Statistics estimates that the pharmaceutical and medicine manufacturing sector alone accounts for roughly 17% of total R&D investment in the United States.
  • The pharmaceutical industry invests nearly 11.4% of its sales back into R&D. Indeed, the U.S. pharmaceutical industry invests on average roughly three times more in R&D as a percentage of sales than all other manufacturing industries.
• The industry creates valuable STEM jobs.
  • While roughly 6.7% of the U.S. workforce has a STEM occupation, 29.9% of all jobs in pharmaceutical and medicine manufacturing are STEM related. The pharmaceutical manufacturing sector employs more than four times the percentage of STEM workers employed in the overall workforce.
• Industry employees are highly productive.
  • Industry employees produce $1.3 million in output per employee. This is nearly seven times greater than the U.S. economy’s average output per employee ($188,000).

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.44 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.