By Jason Smith and Jay Timmons
The people have spoken loud and clear: They want a stronger, more competitive America. With president Donald Trump in the White House and Republicans leading Congress, we have the momentum to deliver real, lasting results for American workers. One of the first and most critical steps is securing the pro-worker, pro-family, and pro-growth tax policies that have fueled our industry and supported millions of workers nationwide.
The 2017 Trump tax cuts unleashed an era of growth and opportunity for American manufacturing. They gave manufacturers the tools they needed to hire, expand, and invest in their communities. As the House Ways and Means Committee heard at a field hearing in Georgia, Lisa Winton of Winton Machine Company testified these reforms were essential to her ability to hire more workers, boost wages, and make needed investments in new technology. These tax policies also allowed Courtney Silver of Ketchie in North Carolina to invest in advanced robotics and safety systems, all while raising wages and delivering quarterly bonuses to every team member.
Austin Ramirez of Wisconsin-based Husco said the 2017 Tax Cuts and Jobs Act’s pro-growth tax policies allowed his company to create jobs, expand research and development, compete globally, and invest in its future, including the most significant renovation of his business in 70 years.
These stories are not unique. Across the country, the 2017 tax reforms across the country empowered manufacturers to grow and lift workers into well-paying jobs. For millions of families, they meant greater security and the chance to buy a home, send a child to college, and build a better future. These policies did not just strengthen the manufacturing industry; they strengthened America.
But today, that progress is at risk. Key provisions of the 2017 Trump tax reforms have already expired, and many more are set to lapse later this year. Without swift action, manufacturers will miss out on tax incentives for research and development and equipment purchases, while small businesses and family-owned manufacturers will see their tax rate double to as high as 43.4 percent — all at a time when global competition is intensifying.
Trump was clear that his signature tax cuts must be protected and expanded. And Congress has a responsibility to act. A new study released by the National Association of Manufacturers outlines what’s at stake for the nation: Without action, nearly six million American jobs could be lost, and the United States could see a $1.1 trillion hit to gross domestic product, an extraordinary impact that would decimate American families, manufacturers, and small businesses across the country.
Manufacturers would bear a disproportionate amount of this impact. More than 1.1 million manufacturing jobs could be eliminated, workers could see $130 billion in lost wages, and the industry’s contribution to GDP could shrink by $284 billion.
The choice is clear. Congress must deliver the results the American people voted for on Election Day by extending and expanding Trump’s pro-growth tax policies, which have worked so well. This is about supporting American workers, strengthening our families and communities, securing our nation’s future, and giving America’s job creators the certainty they need today to grow, invest, and hire.
The election created momentum. Let’s not waste it. With Trump leading the charge, it is time for Congress to deliver, protect these reforms, and set American workers up for success in 2025 and beyond. Together, we can ensure the next chapter in America’s story is one of growth, opportunity, and strength.
By Ways and Means Committee Chairman Jason Smith (MO-08) and National Association of Manufacturers CEO and President
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