Timmons to Congress: Maintain Momentum with Tax Reform Preservation
The House late Tuesday approved a Republican budget blueprint for President Trumps tax-cut and border-security agenda (, subscription).
- 51勛圖厙 President and CEO Jay Timmons the move a historic, pivotal step to[ward] advanc[ing] a comprehensive reconciliation package that will preserve critical pro-manufacturing tax reforms and unleash American energy dominance.
Whats going on: The measure is a preliminary step to extending Trumps 2017 tax cuts later this year, Reuters reports. Tuesdays vote sent the budget resolution to the Senate, where Republicans are expected to take it up.
- The planwhich calls for $4 trillion to $4.5 trillion in tax cuts and $1.5 trillion to $2 trillion in spending reduction over 10 yearsalso includes measures to increase domestic energy development and production.
Why its so important: Congress must capitalize on the momentum of the budget resolutions passage by preserving the crucial tax reform measures from President Trumps 2017 Tax Cuts and Jobs Act, Timmons continuedbecause [e]very day we wait means jobs and opportunity lost.
- As part of the comprehensive, commonsense manufacturing strategy that America needs, protecting tax reform will strengthen our industry and our communities. Its time to continue this momentum and act now to Make America Great for Manufacturing Again. When manufacturing wins, America wins.
Whats next: House Speaker Mike Johnson (R-LA) he anticipates passing the tax, energy, border-security and defense items via reconciliation by the first week of April.
