Tag: National Association of Manufacturers

President Trump on Friday took his campaign for an overhaul of the tax code to manufacturers, arguing that Republicans’ plan will encourage companies to create more jobs in the U.S. The speech follows Wednesday’s release of a tax framework document by administration officials and key congressional Republicans. The framework is designed to provide guidelines to the congressional tax-writing committees as they finish drafting tax legislation. The plan would lower the corporate tax rate from 35 percent to 20 percent, and would lower the rate for so-called pass-through businesses to 25 percent. Pass-throughs, which include everything from small businesses to hedge funds, currently have their income taxed through the individual code, which has a top rate now of 39.6 percent. “It will be rocket fuel for our economy,” Trump said. Another aspect of the plan NAM strongly backs is the provision that would allow businesses to immediately write off the costs of their investments for at least five years. “We are so excited, so optimistic,” said Drew Greenblatt, president and owner of Marlin Steel Wire Products in Baltimore.