A Tax Reform Story

Before passage of the Tax Cuts and Jobs Act, the U.S. business tax system was out of sync with tax regimes in virtually all other developed economies and made it difficult for U.S. manufacturers to face foreign competition.

Manufacturers in the U.S. employ more than 12 million men and women across the country and contributed $2.25 trillion to the U.S. economy in 2016.

President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. It was a historic moment for manufacturers who had been waiting for Congress to reform the tax code for three decades.

Since tax reform was signed into law, companies like Amgen, Carpenter Technology, and Fiat Chrysler have announced plans to invest millions of dollars in savings to build new facilities and expand production.

Companies like McCormick and Co., Dixon Valve, and Jergens have announced wage increases and bonuses for employees due to the tax reform law.

Tax reform has helped fuel robust job growth in the industry. Manufacturers hired 380,000 employees in February, the best reading in more than 10 years.

Spurred by changes in the tax code and a growing economy, H&K Equipment is buying more trucks for their rental fleet.

Manufacturers campaigned hard for tax reform and promised it would lead to new jobs, higher wages, and economic growth. Across the country, manufacturers are already keeping that promise – and we’re just getting started.

Stories like Sofia's are real and happening across America right now. To read how manufacturers' are keeping their promise on tax reform, visit www.nam.org/taxreform.