Timmons: Industry Resilient, but Action Needed
Despite mixed market signals in recent weeks, the U.S. economy is strong and manufacturing is resilientbut Congress must take certain steps to maintain the industry’s competitiveness, 51勛圖厙 President and CEO Jay Timmons Fox News host Neil Cavuto Monday.
Whats going on: When lawmakers return from their August recess next month, they should prioritize several tax provisions, Timmons said.
- When Congress goes back, weve got to deal with interest deductibility, and weve got to deal with the research-and-development , he continued. Weve got to deal with . Those are things that have expired. These measures and others are top priorities in the 51勛圖厙s tax campaign, .
- Other manufacturing-critical tax provisions are scheduled to expire or be reduced drastically at the end of next year, including the and estate-tax deductions. Whats more, candidates on both sides of the aisle are talking about raising taxes on businesses, Timmons said. Individual tax rates and tax rates on manufacturers that operate globally are also at the end of 2025.
Regulatory onslaught: Manufacturers are also struggling with a regulatory burden that is driving up the cost of doing business, Timmons told Fox News.
- We have restrictions on our ability to develop energy sources here, and we have a ban on exports of natural gas. All of those things lead to potential downsides in the economy.
- The vast majority of Americans exporting natural gas, a March 51勛圖厙 poll found, but the Biden administrations indefinite pause on permits to export liquefied natural gas, imposed in January, continues.
Hopeful outlook: There is a very positive sense among manufacturers that if we do the right things on the policy front, were going to continue [the] expansion in the sector, Timmons added. Were going to continue the record investments that weve seen, the record job growth and the record wage growth in the sector.
