The National Association of Manufacturers (NAM) has released a report titled "Keeping Our Promises: Manufacturers on Eight Years of Tax Reform," highlighting the impact of the 2017 Tax Cuts and Jobs Act (TCJA) on the U.S. manufacturing sector. The report underscores how tax reform enabled manufacturers to invest, hire, and grow, while also warning about potential risks if these policies expire.
NAM Executive Vice President Erin Streeter said, "The evidence is clear: manufacturing had its best job creation in more than two decades, the strongest wage growth in 15 years and significant investment in capital equipment after the passage of the TCJA in 2017." Streeter further noted that several tax provisions have already expired, with others set to sunset at the end of this year. This could jeopardize 6 million American jobs, over $500 billion in wages and benefits, and more than $1 trillion in GDP.
The report includes accounts from manufacturers such as Westminster Tool, Click Bond, Ketchie, Gentex, Winton Machine, and Jamison Door Company. These companies used tax savings for various initiatives like raising wages, investing in technology, enhancing R&D efforts, expanding facilities, and creating jobs.
"This is a success story we’re proud to share—told through the experiences of manufacturers that delivered on their commitments and backed by research that reinforces what they’ve witnessed firsthand over the past eight years: tax reform worked," added Streeter. She emphasized that Congress must decide whether to make these provisions permanent or risk undermining economic competitiveness.
Further details on NAM's Manufacturing Wins campaign are available online.
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