Tag

Taxation

Timmons Calls on Mnuchin, Trump to “Make Our Economy Work Better for Everyone”

By | Communications, Presidents Blog, Shopfloor Main, Taxation | No Comments

National Association of Manufacturers President and CEO Jay Timmons released the following statement after the nomination of Steve Mnuchin as treasury secretary:

“Manufacturers welcome the nomination of Steve Mnuchin as treasury secretary and his commitment to accelerating economic growth with much needed tax reform. Tax reform that benefits manufacturing workers is one of the most important ways to jumpstart more jobs and opportunities for all Americans.

“Mr. Mnuchin has previously articulated exactly what manufacturers need to compete and win in a global economy: a fairer, simpler and more competitive tax code. That’s what we’ve called for in our ‘Competing to Win’ agenda, and that’s why we look forward to working with President-elect Donald Trump and Mr. Mnuchin to deliver on their promises and make our economy work better for everyone.”

CONTACT: Jennifer Drogus (202) 637-3090

NAM Calls for Withdrawal of Treasury’s Family-Owned Business Proposed Regs

By | Shopfloor Main, Shopfloor Policy | No Comments

Over the summer, the Treasury Department released a fairly aggressive set of proposed regulations  dealing with “Estate, Gift and Generation-skipping Transfer Taxes: Restrictions on Liquidation of an Interest.” In comments by the NAM filed today, we told Treasury that, “Manufacturers believe that the proposed regulations–which incorporate some of the most sweeping changes to estate tax policies in the last 25 years–-would unnecessarily increase estate and gift taxes on family-owned manufacturing companies by an estimated 30 percent or more, severely impacting the ability of owners of these family businesses to transfer their companies to the next generations.”

In particular, manufacturers are concerned that the proposed regulations would severely restrict the availability of well-established minority valuation discounts in intra-family transfers of family-owned enterprises. The concept of a valuation discount for a minority interest in an enterprise that lacks control or marketability is widely accepted throughout the free market. In the case of a family-owned entity, when there is a transfer of an interest that lacks control and that cannot be offered on the open marketplace, the value of the interest is appropriately discounted. This is not a contrivance but a reflection of the economic reality of the interest. Read More

Manufacturers Ask SEC Not to Add to the Disclosure Burden

By | Shopfloor Policy, Taxation | No Comments

In April, the Securities and Exchange Commission (SEC) put out a concept release on modernizing certain disclosure requirements in Regulation S-K, basically the guiding document for the disclosures that public companies must file in their periodic reports. The National Association of Manufacturers (NAM) took the opportunity to comment on the release, raising strong concerns with existing disclosures and also recommending against additional disclosures that add to the compliance burden without providing any additional benefits to investors. Read More

Manufacturers Encouraged by Legislation on Proxy Advisory Firms

By | Shopfloor Policy, Taxation | No Comments

The National Association of Manufacturers (NAM) has long believed that a public company’s board of directors is best positioned to responsibly oversee the effective operation and management of a company to maximize performance of the organization and provide long-term value to shareholders. Shareholders also have the means to communicate effectively with management through the current proxy process, annual meetings and other communications to ensure the smooth functioning of the business. However, there is another party that is becoming increasingly involved in the proxy process and companies’ overall corporate governance: proxy advisory firms. Read More

NAM Tax Team Launches Podcast Series

By | Shopfloor Main, Shopfloor Policy | No Comments

Move over Ira Glassthe NAM’s Tax Team has launched its new Shopfloor Podcast series dedicated to all things tax reform. Extremely high corporate tax rates and out-of-date international rules paired with a challenging global economic climate and charged political year are fueling a tax-heavy conversation the NAM continues to be a part of.

In the initial episode (just in time for Tax Day), NAM Vice President of Tax and Domestic Economic Policy Dorothy Coleman, Senior Director of Tax Policy Carolyn Lee and Chief Economist Chad Moutray set the stage on the current state of play on tax reform, drilling down on why exactly tax reform is so important to manufacturers.

Future episodes will offer guest voices and fresh angles on what needs to be done to reform our tax code and how manufacturers can continue to lead the charge for comprehensive substantive tax reform.

Learn more about the NAM’s tax reform priorities here.

Brussels’ Bad Idea Is Getting Worse

By | Shopfloor Policy, Taxation | No Comments

Earlier this year, the NAM was quick to push back against the European Union’s (EU) plan to make public tax and profit reports for global companies operating in EU countries. Not only has the EU ignored our concerns, but it has proposed going one step further and extending the public reports proposal to so-called “tax havens,” which are to be determined by the EU.

Manufacturers believe that a fair and transparent tax climate helps boost living standards and economic growth everywhere. In contrast, requests for much more information than needed to assess a company’s tax liability, coupled with the public disclosure of this tax and financial information, will threaten economic growth and competitiveness on a global basis. Read More

Treasury Waves a Wand and Makes a Bad Tax System Much Worse

By | Shopfloor Main, Shopfloor Policy, Taxation | No Comments

It is abundantly clear to manufacturers in the United States that our current tax code has to go—it’s complicated and arcane, holds back economic growth and makes us less competitive. While we’re working hard to get lawmakers to update and improve our nation’s tax system, Treasury Secretary Jack Lew, with a stroke of a pen, managed to make a bad system significantly worse. Read More

NAM Discusses Tax Reform Prospects in Pittsburgh

By | Shopfloor Policy, Taxation | No Comments

On Tuesday, the NAM partnered with member company PPG, a world leader in coatings, and K&L Gates law firm to discuss the outlook for tax reform and recent developments in the international tax arena surrounding the implementation of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) project. Attending the forum at the K&L Gates Conference Center in Pittsburgh were members of the area business community and representatives from the Pennsylvania senatorial delegation. Read More