The senior correspondent of the Fox News Congress, Chad Pergram, has the latest on the republican efforts of the Senate and the House of Representatives to approve the tax cuts of President Donald Trump in ‘The final result’.
Imagine an America where strength, prosperity and peace are not only hopeful ideals but lived realities, where the US worker supports, economic growth is encouraged and manufacturing is our superpower.
This vision requires a serious political commitment that Republicans in Congress and Trump administration are working to deliver. The Congress must now act to continue with the 2017 Tax and Jobs Reduction Law of President Donald Trump to give US companies the certainty they need to invest, hire and grow.
The expiration of the tax and job cuts law would be detrimental to US companies, manufacturers, consumers and families. If Congress does not act to guarantee the president Donald Trump’s The successful fiscal plan remains in place, taxes will increase for Americans at each income level. The average American would see a fiscal increase in 22 percentmore than $ 1,600.
Price label: how much Americans could pay between tariffs and tax cuts
A recent National Manufacturers Association study He indicated that not preserving these tax reforms will cost the United States 6 million jobs, $ 540 million in salaries and our economy will suffer a coup of $ 1.1 billion.
When President Trump signed the 2017 tax cuts in the law, it was a rocket fuel for manufacturing in the United States and a victory for each US worker. The year 2018 was the best for the creation of jobs in manufacturing in the last 21 years. We had higher salaries, improved benefits and record investments in new plants. These critical provisions of fiscal reform have already begun to attack, and more will expire at the end of 2025: the rocket is running out of fuel.
Moore says that permanence is critical for stability.
Provisions such as total spending allow companies that often buy machinery, tools and other factory updates, immediately deduct the cost of these purchases in the same year. These companies can use that liberated cash that would otherwise pay taxes to reinvest more high equipment and salaries for their workers.
Maintain another disposition, the 199A section would continue a 20 percent deduction for 26 million small US businesses. A Ernst and Young Study in 2024 He showed that 2.6 million jobs were backed by this provision, and added $ 325 billion to the United States economy and $ 161 billion to workers’ salary.
The president and CEO of Zekelman Industries, Barry Zekelman, intervenes the announcement of rates of President Donald Trump and discusses the impact of foreign imports in critical national industries.
These are only two examples of pro-creation, proameric and pro-manufacturing tax cuts of President Trump. Protecting them will be in the heart of the Republicans’s agenda this year, safeguarding the way of life of Americans.
Trump’s allies promote the permanent tax reduction plan in Congress
Continuing Trump’s tax cuts will not only avoid the greatest tax increase on US families and business in history, but will turn economic growth and prosperity, delivering $ 284 billion In economic growth only by manufacturing.
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After the Biden administration delivered a regulatory state that acts as a wet towel on the growth of small businesses, Congress must take a step forward to unleash prosperity in our great nation.
At this time, manufacturers spend $ 350 billion every year only to meet the regulations, money that could spend expanding factories and production lines, hire new workers or increase wages. Fortunately, this administration is already hitting the brakes to balance the regulatory framework that will allow the industry to move forward with transformative investments that will strengthen our manufacturing nation.
President Trump Proclaimed to Congress And the American people in March, “we are going to renew the unlimited promise of the American dream.”
We can achieve this by providing US workers with the certainty and prosperity they deserve, who cares about our entire nation and what makes the United States the best place to manufacture.
The time to act is now. Failure is not an option.
Republican Tom Emmer represents the sixth district of Minnesota in the House of Representatives of the United States, where he works as a majority whip.
Jay Timmons is president and CEO of the National Manufacturers Association.
