{"id":117521,"date":"2021-04-08T14:16:19","date_gmt":"2021-04-08T21:16:19","guid":{"rendered":"http:\/\/69.46.6.243\/?p=117521"},"modified":"2021-04-08T14:16:19","modified_gmt":"2021-04-08T21:16:19","slug":"nam-study-says-tax-increases-would-cost-a-million-jobs","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=117521","title":{"rendered":"NAM Study Says Tax Increases Would Cost a Million Jobs"},"content":{"rendered":"

Washington, DC…The National Association of Manufacturers released a new study detailing the short- and long-term damage to the American economy under tax proposals to increase the corporate tax rate and repeal policies that made manufacturing in America more competitive around the world. \u201cManufacturers want to help President Biden achieve his goal of creating jobs in America and strengthening the supply chain so that our country does not face critical shortages, especially during times of national crises.<\/p>\n

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\u201cAs we slowly emerge from the economic catastrophe caused by COVID-19, American businesses are at a pivotal point in our nation\u2019s history. Manufacturers can, and should, lead the economic recovery in the wake of the pandemic. But this study tells us quantitatively what manufacturers from coast to coast will tell you qualitatively: increasing the tax burden on companies in America means fewer American jobs. One million jobs would be lost in the first two years, to be exact,\u201d\u00a0said NAM President and CEO Jay Timmons.<\/p>\n

\u201cAfter decades of advocating for a tax system that provided competitive rates and modern international tax provisions, manufacturers in America kept our promises following the enactment of the 2017 tax reforms: we raised wages and benefits, we hired more American workers, and we invested in our communities. If we undo those reforms, all of that will be put at significant risk. Manufacturing workers will lose out on jobs, growth and raises. We should be building on that progress, not rolling it back. But the conclusion of this study is inescapable\u2014follow through with tax hikes that give other countries a clear advantage and we\u2019ll see far fewer jobs created in America.\u201d<\/p>\n

The study calculated the effects of increasing the corporate tax rate to 28%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions and more. The negative consequences would include the following:<\/p>\n