NAM: Congress Fails To Advance Manufacturing Tax Priorities The National Association of Manufacturers is calling on lawmakers to address critical tax provisions that were left
their workers, facilities, and communities,” said NAM Pres- ident and CEO Jay Timmons. Ketchie President and owner and Incoming Chair of the NAM Small and Medium Manufacturers Group, Courtney Silver recently highlighted that congressional action on these tax priorities will help prevent small manufacturers from feeling stuck between a rock and a hard place.
out of the 2023 Omnibus spending package, highlighting the negative im- pact to small manufacturers and their workers. “Congress’ failure to reverse tax policies that make it more costly to perform research, buy machinery and finance job-creating investments has
“It’s important that we take action on expanding and locking in that pass- through deduction, increasing those incentives around R&D and protecting those provisions around full expensing and interest deductibility,” said Silver.
Jay Timmons
Courtney Silver
“Although the appropriations package included import- ant manufacturing priorities, including the INFORM Con- sumers Act, with its protections for consumers against counterfeit goods, and the Electoral Count Reform Act,
put hundreds of thousands of American jobs and manu- facturing competitiveness at risk. Despite overwhelming support for addressing these issues, Congress’ inaction will now undercut small manufacturers’ ability to invest in
which supports a clear and secure demo- cratic process, pro-competitiveness tax pol- icy changes would have made a big differ- ence for businesses of all sizes across our industry,” Timmons said. “As the next Con- gress convenes, we urge lawmakers to pri- oritize these policies, and we will continue to work with manufacturing champions from both parties to provide tax certainty to the nearly 13 million people who work in manu- facturing today.” ISM: Growth To Improve In Second Half Of 2023 Economic improvement in the United States will continue in 2023, said the na- tion’s purchasing and supply management executives in the December 2022 Semian- nual Economic Forecast. Revenues are ex- pected to increase in 15 of 18 manufacturing industries while capital expenditures are ex- pected to increase by 2.6 percent (after a 12 percent increase in 2022). The manufactur- ing employment base is expected to grow by 3.9 percent. Growth in the second half of the year is projected to rebound. Expectations for 2023 are positive, as 45 percent of survey respondents expect rev- enues to be greater in 2023 than in 2022. The panel of purchasing and supply execu- tives expects a 5.5 percent net increase in overall revenues for 2023, compared to a 9.3 percent increase reported for 2022. Paper products are among the 15 man- ufacturing industries that expect revenue improvement in 2023.
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10 January 9, 2023
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