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 Extremely high corporate tax rates and out-of-date international rules paired with a challenging global economic climate and charged political year are fueling a tax-heavy conversation the NAM continues to be a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

Manufacturers Find Little to Celebrate in President Obama’s Last Budget

By | Shopfloor Policy | No Comments

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

More PBGC Premiums are Not the Answer

By | Shopfloor Policy, Taxation | No Comments

For years, manufacturers sponsoring traditional defined benefit (DB) pension plans have faced higher taxes in the form of premiums paid to the Pension Benefit Guaranty Corporation (PBGC), the agency insuring these plan. While Congress sets these premiums, the Administration has, for several years now, requested to increase these premiums as part of its annual budget proposal. That is, until the fiscal year 2017 budget proposal was released, which states that “the Administration believes additional increases in single-employer premiums are unwise at this time and would unnecessarily create further disincentives to maintaining” DB plans. Read More

Another Bad Idea Coming Out of Brussels

By | Shopfloor Policy, Taxation | No Comments

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

New Poll Affirms Strong Support for Internet Tax Ban

By | Shopfloor Policy, Trade | No Comments

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