Senate Bill provides much-needed incentives to grow economy.
Press Release Summary:
NAM EVP Jay Timmons issued statement on Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. According to Timmons, manufacturers strongly support extending this critical tax relief to all Americans and encourage Senate to move forward with legislation. Congressional Budget Office estimates that fully extending all 2001/2003 individual tax rates would add between 600,000 and 1.4 million jobs in 2011 and between 900,000 and 2.7 million jobs in 2012.
Original Press Release:
Manufacturers: Senate Bill Provides Much-Needed Incentives To Grow Our Economy
Compromise Legislation Will Help Boost Manufacturing Jobs
WASHINGTON, D.C., - The National Association of Manufacturers (NAM) Executive Vice President Jay Timmons issued the following statement today on the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010:
"Manufacturers strongly support extending this critical tax relief to all Americans, and we encourage the Senate to move forward with considering this important legislation. Failing to act will result in a tax increase on all tax payers and harm investment which will stifle economic growth and job creation. Over 70 percent of U.S. manufacturers file as S-corporations or other pass-through entities and thus pay taxes at the individual rate. The Congressional Budget Office estimates that fully extending all the 2001/2003 individual tax rates would add between 600,000 and 1.4 million jobs in 2011 and between 900,000 and 2.7 million jobs in 2012.
Our country's unemployment rate remains historically high, and now is not the time to raise taxes on small businesses who are the job creators. The NAM has consistently called for extending the 2001/2003 individual tax rates and supports the 35-percent estate tax rate and the $5-million exemption as significant reform. The lower tax rates on capital gains and dividends will boost capital investment and economic growth, and the R&D credit and other business extenders are key to manufacturers' competitiveness and ability to create jobs. In addition, the 100-percent expensing provision will create a positive ripple effect in the economy by encouraging investment and creating demand for machinery and equipment.
This bill is a good first step. However, to provide the certainty our economy needs to grow and create jobs these important provisions need to be made permanent and Congress must focus on tax policy that promotes long-term competitiveness.
Manufacturers have identified a vote in support of this legislation as a Key Vote. We look forward to continuing to work with Congress and the Administration to extend critical tax relief, stimulate our economy and create jobs as quickly as possible."
The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.
