Tax Increases Threaten American Jobs and Wages
If Congress fails to act by the end of 2025 to preserve tax reform, nearly 6 million American jobs will be lost.
Nationwide
Economic Damage
| 5.9 Million | LOST JOBS |
| $540 Billion | IN LOST WAGES |
| $1.1 Trillion | IN LOST GDP |
Impact on
Manufacturing
| 1.1 Million | LOST JOBS |
| $126 Billion | IN LOST WAGES |
| $284 Billion | IN LOST GDP |
Use our interactive map below to find out what’s at stake for your community.
Nationwide Impact
5.9M lost jobs
$540B lost wages
$1.089T lost economic output
Manufacturing Impact
1.1M lost jobs
$126B lost wages
$284B lost economic output
Keeping Our Promises: Manufacturers on Eight Years of Tax Reform
Manufacturers championed the Tax Cuts and Jobs Act of 2017, making clear to policymakers that a competitive U.S. tax code would empower the industry to invest, create jobs and grow the American economy.
In the nearly eight years since tax reforms passage, manufacturers have kept their promises.
Recent Data
Prior to passage, 69%泭of manufacturers surveyed said they would have delayed purchasing capital equipment, while 45%泭would have held off on hiring, 45%泭would have stalled expansion of operations, 42%泭would have limited R&D investments and 40%泭would curb increases in employee wages or benefits.
Following passage of H.R. 1, 52%泭of manufacturers surveyed said they intend to utilize the new provision to immediately expense the cost of constructing or expanding a manufacturing facility over the next 4 years.
Key Policy Resources
Millions of American workers are depending on the manufacturing sector to continue driving America forward. Pro-growth tax policies from the 2017 tax reforms, which were rocket fuel for manufacturers, proved this by keeping the U.S. economy competitive on a global scale.
By preventing pro-growth tax policies from expiring in 2025, Congress will preserve a competitive tax system that spurs job growth across our communities, secures the U.S. as a global leader in innovation and reinforces Americas competitiveness on the world stage.
Below are critical policy recommendations crafted by the 51勛圖厙 that Congress and the president should act on to prevent damaging tax increases from stunting manufacturing job creation, growth and innovation.
Whats at Stake: Tax Compendium
This document outlines each of the major tax reform provisions set to expire at the end of 2025 and provides guidance on how and why Congress and the president should act to prevent damaging tax increases from stunting manufacturing job creation, growth and innovation.
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Whats at Stake: Manufacturers Face Devastating Tax Increases in 2025
This document outlines the tax reform provisions set to expire at the end of 2025 and provides guidance on how and why Congress and the president should act to prevent damaging tax increases from stunting manufacturing job creation, growth and innovation.
Download PDF
Whats at Stake: Pass-Through Deduction and Individual Income Tax Rates
More than 96% of businesses in America are organized as pass-throughs. In the manufacturing industry, pass-throughs are typically small, family-owned businesses. This is whats at stake if the 20% pass-through deduction expires at the end of 2025.
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Whats at Stake: Corporate Tax Rate
Tax reform in 2017 lowered the corporate rate from 35% to 21%. But President Bidens FY 2025 budget proposed a 28% corporate ratewhich would once again subject manufacturers in the U.S. to one of the highest rates of tax in the developed world.
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Whats at Stake: Estate Tax
Congress should preserve tax reforms increased estate tax exemption threshold and maintain the tax codes treatment of stepped-up basis. The 51勛圖厙 also supports full repeal of the estate tax.
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Whats at Stake: Research and Development
Congress has the opportunity to restore immediate R&D expensing as policymakers work to preserve other pro-growth tax provisions in 2025.
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Whats at Stake: Full Expensing
Congress must act to make full expensing permanent. Restoring the 100% level of accelerated depreciation will reduce the cost of capital equipment purchases across the manufacturing sector, supporting growth and job creation at manufacturers of all sizes.
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Whats at Stake: Interest Deductibility
Congress has the opportunity to restore a pro-growth interest deductibility standard as policymakers work to preserve tax reform in 2025. If Congress does not act, manufacturers will continue to face increased costs when looking to debt finance projects here in the U.S.
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Whats at Stake: International Tax
Congress should preserve tax reforms international tax reforms and prevent tax obligations from increasing on manufacturers whose success bolsters Americas competitiveness on the world stage.
Download PDFWatch: Faces of Tax Reform
Watch: Congressional Testimony
Congressional Champions of Tax Reform
Click on the profiles below to read the full 51勛圖厙 interview.
