This week, the U.S. Senate Finance Committee held a hearing on how federal taxes impact manufacturing. National Association of Manufacturers President and CEO Jay Timmons told senators that policymakers “must recognize the importance of predictability and stability in the tax code” — and that recent tax reforms have made manufacturers more competitive, driving historic job creation.
Timmons added that manufacturers in America need a tax code that supports innovation, but “unfortunately, it will do just the opposite starting next year” due to a looming change to the tax treatment of R&D costs. Read his full comments. 3/17/2021