Taxation

Manufacturers Oppose “Truth in Settlements Act”

The Senate Homeland Security and Governmental Affairs Committee is slated to consider a bill this week intended to increase the transparency of settlements between companies and federal agencies. While the authors of the bill may have good intentions, the reality is that the legislation will add additional reporting and compliance burdens, potentially change the nature of legal proceedings, and negatively impact competitiveness. (continue reading…)

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Headwinds

As the NAM’s Chief Economist, Chad Moutray, pointed out in his blog “The U.S. Economy Stagnated in the First Quarter” on yesterday’s dismal GDP numbers, there are “a number of headwinds in the economy which have negatively impacted manufacturing activity. These challenges include weaknesses abroad, a strong U.S. dollar, lower crude oil prices, a West Coast ports slowdown, bad weather in some regions of the country and a still-cautious consumer.” As Dr. Moutray pointed out, a significant “challenge for manufacturers was the fact that consumer spending on goods was up only 0.2 percent. Businesses also spent dramatically less on nonresidential structures, with equipment spending slowing to a crawl.” (continue reading…)

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House Taxwriter Questions Use of IRS Funds to Hire “White Shoe” Law Firms

Manufacturers were glad to see House Ways and Means Oversight Subcommittee Chair Peter Roskam (R-IL) today raise serious concerns at a hearing about the IRS’ use of outside law firms to question witnesses under oath in on-going audits and litigation. In conjunction with a hearing on the 2015 tax filing season, the Subcommittee issued a report, “Doing Less with Less: The IRS’s Spending Decisions Harm Taxpayers,”  which outlines a number of instances of IRS’ wasteful spending, all at the expense of American taxpayers. One of the worse cases described in the report is IRS’ decision to hire a team of high-priced attorneys to help out with an on-going case, at a cost of $2.1 million. (continue reading…)

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Support for Permanent R&D Credit Growing

For years, manufacturers have applauded the efforts of Congressman Kevin Brady (R-TX) and John Larson (D-CT) for championing legislation to finally make the on-again, off-again R&D tax credit permanent once and for all. Now, the wave of new supporters for this much-needed research incentive is picking up momentum. (continue reading…)

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Death and Taxes – Estate Tax Repeal Introduced in Senate

While death and taxes are two facts of modern life, death by taxes may soon be less of a worry for small and medium-sized family-owned manufacturers. During last week’s budget “Vote-a-rama,” where hundreds of amendments were offered and considered, Senator John Thune (R-SD) proposed S. AMDT. 607 to reintroduce his plan to repeal the “death tax.” This macabre term is given to the burdensome estate tax on an owner’s right to transfer property at his/her death. (continue reading…)

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Spring Showers Bring Highway Construction Season

As the calendar page turns to spring and the snowy parts of our nation defrost, attention turns to the upcoming highway and infrastructure construction season. Too long stitched together by a series of short term funding patches or short term reauthorizations, our nation’s infrastructure is in need of a long term solution to provide consistent funding for much needed upgrades and repairs to our country’s crumbling infrastructure. (continue reading…)

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Death and Taxes – Maybe Not So Certain Any Longer

It’s long been said that the only two things certain in life is death and taxes. Well, for too many family owned businesses this certainty is compounded by the long reviled death tax which is a burden to all successful family-owned businesses. That’s why the National Association of Manufacturers (NAM) applauds Chairman Ryan and the House Committee on Ways and Means for their prompt consideration of H.R. 1105 “Death Tax Repeal Act of 2015”. The bill introduced by Representatives Brady (R-TX) and Bishop (D-GA) issues would finally, fully repeal the death tax. (continue reading…)

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Support in Congress Grows for a Stronger R&D Incentive

Manufacturers know first-hand that the lack of a permanent tax incentive for R&D investment is negatively impacting US competitiveness in the global economy. Instead, the US R&D tax credit is constantly being extended temporarily and allowed to expire before companies can even consider factoring in the credit for their future investment budgets. Meanwhile, other countries are ramping up their R&D investment incentives and courting US manufacturers to look abroad. (continue reading…)

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Let’s Set the Record Straight on “Transparency” and “Loopholes

One of NAM’s goals is to make the United States the best place to manufacture and attract foreign direct investment. There are many things policy makers can do to help achieve this goal, including creating a favorable tax climate. On the flip side, there are a number of ways policy makers can make this goal even harder to achieve, for example by imposing costly, unnecessary, anti-competitive rules and regulations. A case in point is legislation—the Truth in Settlements Act—introduced by Sen. Elizabeth Warren (D-MA) and Rep. Matt Cartwright (D-PA) and several other bills that aim to change the tax treatment of fines and penalties. (continue reading…)

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House Tax Writers Approve Permanent R&D Incentive

Under the leadership of new Chairman Paul Ryan, the House Ways and Means Committee voted to advance legislation to strengthen and make permanent the R&D tax credit. (continue reading…)

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