Tax reform isn’t just about tinkering with tax rates; it’s about creating more well-paying manufacturing jobs here in America. Here are just a few ways that manufacturing workers stand to benefit from major tax reform:
Tax reform will create—and keep—manufacturing jobs in America.
In a study commissioned by the NAM in 2015, we estimated that pro-growth tax policy changes would create roughly 500,000 jobs every year—more than 6.5 million more jobs over a decade.
Tax reform will put more money into the pockets of American workers.
On average, manufacturing workers make $81,289 annually, including pay and benefits. Simplifying the tax code and lowering rates will allow manufacturers to spend more resources on expanding their business operations. But they’ll need more employees to get there, and that means more job opportunities for Americans across the country.
Tax reform will help manufacturing companies build new facilities in the United States.
A more competitive tax code would help manufacturers in the United States expand their operations and build new facilities. Our outdated international tax system and high tax rates on business income mean that manufacturers are at a disadvantage when facing foreign competition. But pro-growth tax reform could help grow our economy by more than $12 trillion over the next 10 years.
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