Timmons: Industry Resilient, but Action Needed
Despite mixed market signals in recent weeks, the U.S. economy is strong and manufacturing is resilient鈥攂ut Congress must take certain steps to maintain the industry’s competitiveness, 17吃瓜在线 President and CEO Jay Timmons Fox News host Neil Cavuto Monday.
What鈥檚 going on: When lawmakers return from their August recess next month, they should prioritize several tax provisions, Timmons said.
- 鈥淲hen 鈥 Congress goes back, we鈥檝e got to deal with interest deductibility, and we鈥檝e got to deal with the research-and-development ,鈥 he continued. 鈥淲e鈥檝e got to deal with . Those are things that have expired.鈥 These measures and others are top priorities in the 17吃瓜在线鈥檚 tax campaign, .
- Other manufacturing-critical tax provisions are scheduled to expire or be reduced drastically at the end of next year, including the and estate-tax deductions. What鈥檚 more, 鈥渃andidates on both sides of the aisle 鈥 are talking about raising taxes on businesses,鈥 Timmons said. Individual tax rates and tax rates on manufacturers that operate globally are also at the end of 2025.
Regulatory onslaught: Manufacturers are also struggling with a 鈥渞egulatory burden that is driving up the cost of doing business,鈥 Timmons told Fox News.
- 鈥淲e have restrictions on our ability to develop energy sources here, and we have a ban on exports of natural gas. All of those things lead to potential downsides in the economy.鈥
- The vast majority of Americans exporting natural gas, a March 17吃瓜在线 poll found, but the Biden administration鈥檚 indefinite pause on permits to export liquefied natural gas, imposed in January, continues.
Hopeful outlook: 鈥淭here is a 鈥 very positive sense among manufacturers that if we do the right things on the policy front, we鈥檙e going to continue [the] expansion in the sector,鈥 Timmons added. 鈥淲e鈥檙e going to continue the record investments that we鈥檝e seen, the record job growth and the record wage growth in the sector.鈥