Original Press Release
NAM Urges House to Act Quickly to Boost Economic Recovery and Job Growth
Press release date: December 15, 2010
Manufacturers: Tax Relief in Senate-Passed Bill Is Critical
WASHINGTON, D.C. - The National Association of Manufacturers (NAM) Executive Vice President Jay Timmons issued the following statement today on Senate passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010:
"Manufacturers commend the Senate for its strong bipartisan vote on this critical tax relief for all Americans. These much-needed incentives, including the R&D credit extension and 100-percent expensing, will boost the prospects for economic recovery and job growth in 2011. The bill is a good first step to eliminate much of the uncertainty that has been holding back investment and job creation by manufacturers and the broader business community.
The NAM has been a leader in advocating for tax extensions, including the R&D credit, 100-percent expensing and tax relief for small businesses.
More than 70 percent of U.S. manufacturers file as S-corporations or other pass-through entities and 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.
To provide even more of the certainty our economy needs to grow and create jobs, these important tax provisions need to be permanent. We look forward to continuing to work with Congress and the Administration on tax policy that promotes durable economic growth and long-term competitiveness.
Manufacturers have indicated that a vote in support of this legislation will be considered a Key Manufacturing Vote in the 111th Congress. We urge the House to act quickly to pass this bill with no amendments. Failure to act will result in a tax increase on all taxpayers and will stifle investment, economic growth and job creation."
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.