April 15 marks President Trump’s first Tax Day in office, but it should also serve as a reminder to Congress that manufacturers across the country are struggling to compete under the highest corporate tax rate in the developed world.
It’s been 30 years since our tax code was last updated. Since that time business taxes have grown too complex and costly. Other nations are attracting and growing their tax base, while manufacturers and businesses in the U.S. fall behind.
If Congress and the new administration were to implement pro-growth tax reform, it would generate more than 6.5 million American jobs and increase the GDP by over $12 trillion dollars, according to a recent study by the National Association of Manufacturers.
Manufacturers cannot afford to let what happened to health care reform happen to tax reform. In order to make America the best place to manufacturer, Congress must act NOW to update our country’s burdensome and outdated tax code.
Fortunately, the new administration has promised to prioritize tax reform. President Trump knows that in order to make America great when it comes to manufacturing, operating businesses and job growth, he must work with Congress to reduce tax rates for all companies. This will incentivize more research and development and raise the competitiveness of U.S. businesses.
Putting comprehensive tax reform on hold would be detrimental to the success of our nation, our economy and employment rate. America is home to modern technology, medicine and now, it must become home to modern tax policy. Manufacturers are ready to work with President-elect Trump and Congress to make America’s tax code great again!