NAM: Federal Tax Bill Poses Threat to Manufacturers

The chairman of the U.S. Senate Finance Committee, Sen. Ron Wyden (D-OR), has introduced the Small Business Tax Fairness Act. According to the National Association of Manufacturers (NAM), the bill would significantly limit the existing 20% deduction for manufacturers organized as “pass-through” entities — such as such as S-corporations or partnerships.

Phasing out this provision — created under the 2017 tax reform signed by former President Donald Trump — would result in “a major tax increase” and “effectively punish manufacturers,” the NAM says. 7/29/2021