Manufacturers and workers in the U.S. are suffering under the highest corporate tax rate in the developed world. Foreign competitors are rapidly expanding and hiring, while America has seen slow economic growth in recent years and an employment rate that doesn’t match up to our nation’s growth potential.
Pro-growth tax reform would increase GDP by $12 trillion over a ten year period and create more than 6.5 million American jobs, according to a study by the National Association of Manufacturers (NAM). It is far past time to update 30 years of outdated tax policy.
Thankfully, tax reform is high on the Trump administration’s priority list. In order to help make our nation the best place to work, invest and manufacture, tax rates must be reduced for companies of all sizes to 25 percent to allow manufacturers to compete with foreign trading partners. The new tax code must also include modern and competitive international tax rules and strong R&D incentives to spur business investment.
Our country’s burdensome tax code is outdated and impacts manufacturers’ ability to grow and hire new employees. If America’s tax code was more competitive with international standards, investment and job creation would explode. Manufacturers are eager to work with President-elect Trump and Congress to make America the best place to do business and work again.