At its core, the final budget blueprint released today by the Obama administration represents just another “tax and spend” plan that would increase federal spending while imposing a wide range of tax increases on businesses, making it harder for manufacturers to create jobs and compete in the global economy and do nothing to stimulate much-needed economic growth. Read More
Recent reports that the European Union is working on legislation to require global companies to publically disclose tax and other financial information is raising red flags for U.S. manufacturers that operate in European countries. The latest information disclosure proposal—coming on the heels of the new information requirements in the Base Erosion and Profit Shifting (BEPS) plan finalized late last year by the Organisation for Economic Co-operation and Development (OECD)— would impose additional compliance costs on companies and force disclosure of sensitive taxpayer information, creating a whole new set of unnecessary business challenges for global companies. Read More
Earlier this week, the National Taxpayers Union released new poll results that show 83 percent of Americans support a permanent ban on taxing Internet access. As these strong results suggest, support is consistent throughout the country and across the aisle. All four regions of the United States registered an approval rating of 80 percent or above. In addition, 87 percent of participants age 55+ and 79 percent of the 18-to-34-year-old demographic supported a permanent ban on Internet taxation. Read More
Yesterday’s Wall Street Journal op-ed by Douglas Holtz-Eakin at American Action Forum raises some of the same concerns we’ve been hearing from our members about the BEPS recommendations from the Organization for Economic Co-operation and Development aimed at curbing tax avoidance and international profit shifting.
Manufacturers use derivatives to hedge everyday business risks stemming from fluctuations in commodity prices, currency and interest rates. When Congress enacted the financial reform bill (the Dodd-Frank Act) in 2010, they included a provision to exempt manufacturers and other derivatives “end-users” from central clearing requirements, recognizing that end-users do not pose a threat to the financial system and should not be unnecessarily burdened. Read More
All year long, the NAM and members of the Broad Tax Extenders Coalition have been urging Congress to act immediately to extend a package of expired tax provisions known as “tax extenders,” forcing this issue to the top of their priority list before the end of the year. Unfortunately, there has not yet been agreement on how to extend the provisions, which is why the NAM is taking the fight to social media and is seeking your help to push for a permanent or multi-year extension of the temporary tax provisions today, Tax Relief Tuesday. Read More
Today, the NAM and the Broad Tax Extenders Coalition sent a letter to Congress signed by over two thousand companies, non-profits, coalitions and associations, representing millions of individuals, employees, and businesses of all sizes. The letter called on Congress to act immediately to extend the expired and expiring tax provisions known as “tax extenders.”
Over fifty tax provisions relied upon by millions of Americans expired at the end of 2014. For manufacturers, this means that the research and development tax credit, a driver of innovation and contributor to domestic, high-wage jobs, is not currently available. Also expired are the enhanced expensing limits that allow businesses of all sizes to make capital investments in machinery and equipment, crucial to growth in manufacturing. The competitiveness of US manufacturers that have operations overseas is also currently in jeopardy since deferral for active financing income and the look-through rule for controlled foreign corporations expired late last year.
Congress should give job creation and competitiveness a boost by acting immediately on a permanent or multi-year extension of the expired tax provisions, ending this uncertainty and providing much-needed predictability that fuels economic growth.
Join us by telling your members of Congress to support #JobsandGrowth by acting now on tax extenders.
Last week, the NAM, joined by several leading associations in the business community, sent a letter to the Chairs and Ranking members of the congressional tax-writing committees calling for immediate action on a package of more than fifty expired tax provisions, known as “tax extenders.” Days later, the Senate Finance Committee answered that call and approved a two-year tax extenders package today. Read More
In a letter yesterday to Treasury Secretary Jack Lew, Senate Finance Committee Chair Orrin Hatch (R-UT) and House Ways and Means Committee Chair Paul Ryan (R-WI) reminded Secretary Lew of the critical need for the Treasury Department to “remain engaged with Congress” on their participation in the on-going Base Erosion and Profit Shifting (BEPS) project at the Organization for Economic Co-operation and Development (OECD). The Chairmen made clear that “[r]egardless of what Treasury agrees to as part of the BEPS project,” it’s Congress’ job to craft U.S. tax policy. Read More
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. Read More