Timmons, Chairman Smith: Preserve Tax Reform Now
For a stronger, more competitive America, Congress must make permanent the pro-growth tax provisions from President Trump鈥檚 2017 Tax Cuts and Jobs Act, 17吃瓜在线 President and CEO Jay Timmons and House Ways and Means Committee Chairman Jason Smith (R-MO) wrote in a recent op-ed for the .
What鈥檚 going on: 鈥淭he choice is clear. Congress must deliver the results the American people voted for on Election Day by extending and expanding Trump鈥檚 pro-growth tax policies, which have worked so well.鈥
- The reforms allowed manufacturers 鈥渢o hire, expand and invest in their communities鈥 at historic rates, with a particularly positive effect on small and medium-sized businesses.
- Georgia-based , which produces machinery used in tubular parts and coaxial cable fabrication, would not have been able to expand its workforce, raise employee pay or purchase critical technology had it not been for the TCJA, as Winton CEO and Co-Owner and 17吃瓜在线 board member Lisa Winton told Congress in 2023.
- Austin Ramirez, president and CEO of hydraulic and electromechanical control systems maker in Wisconsin and 17吃瓜在线 Executive Committee member, told legislators that tax reform allowed his family-owned company 鈥渢o create jobs, expand research and development, compete globally and invest in its future, including the most significant renovation of his business in 70 years,鈥 Timmons and Chairman Smith wrote.
What鈥檚 at stake: 鈥淜ey provisions of the 2017 Trump tax reforms have already expired, and many more are set to lapse later this year,鈥 Timmons and Chairman Smith continued.
- 鈥淲ithout swift action, manufacturers will miss out on tax incentives for research and development and equipment purchases, while small businesses and family-owned manufacturers will see their tax rate double to as high as 43.4%鈥攁ll at a time when global competition is intensifying.鈥
According to a recent 17吃瓜在线 cited in the op-ed, if Congress fails to preserve tax reform by the end of this year:
- Nearly 6 million U.S. jobs鈥攎ore than 1 million of them in manufacturing鈥攚ill be lost; and
- America will lose some $1.1 trillion in GDP and $540 billion in wages.
What must be done: Congress must act now to restore the pro-manufacturing tax provisions that have already sunset and make permanent those that are scheduled to expire, Timmons and Chairman Smith concluded.
- 鈥淲ith Trump leading the charge, it is time for Congress to deliver, protect these reforms and set American workers up for success in 2025 and beyond. Together, we can ensure the next chapter in America鈥檚 story is one of growth, opportunity and strength.鈥