The American Foundry Society is warning federal lawmakers against rolling back pro-growth tax reforms, saying proposed tax hikes on businesses and families will stymie job growth and hurt American manufacturers.
AFS joined onto a coalition letter, delivered Oct. 13 to House and Senate leaders, opposing tax increases currently under consideration in Washington, D.C. The wide-ranging proposal includes higher individual and corporate tax rates, additional taxes on family-owned businesses, and changes to deductions that would make it more difficult to fund new equipment purchases.
“These changes pose a significant threat to the U.S. economy and millions of manufacturing jobs,” the letter reads. “A recent study published by the National Association of Manufacturers found that increasing corporate and individual taxes, repealing the pass-through deduction, and making other tax changes would cost the U.S. 1 million jobs in just the first two years after enactment.”
NAM organized the letter, which was signed by 460 manufacturers and manufacturing organizations from all 50 states.
AFS advocates in Washington for pro-growth, pro-job policies that support the U.S. metalcasting industry. For information on AFS’s Agenda for a Strong Metalcasting Economy, click here. To read the letter in full, click here.