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NAM’s Netram: Senate Finance Hearing highlights needs for Tax Reform

In a column for Shopfloor (9/19), NAM Vice President for Tax and Domestic Economic Policy Christopher Netram discusses the outcomes of Tuesday’s Senate Finance Committee hearing, the theme of which was “competitiveness.” Netram quotes Finance Chairman Orrin Hatch (R-UT) saying, “while the U.S. corporate tax rate has remained unchanged for decades, the trend among our foreign competitors has been to lower corporate rates, making American businesses increasingly less competitive.” Netram points out that “one study by the National Association of Manufacturers (NAM) found that pro-growth tax policy changes would spur in an immediate hiring boom, followed by the creation of roughly 500,000 jobs every year – adding more than 6.5 million more jobs over a decade.” Netram emphasizes that “reducing the tax rate on business income is a key component of pro-growth reform,” and adds that “manufacturers organized as corporations face a top statutory federal income tax rate of 35%,” which “far exceeds the average statutory rate imposed in other advanced economies.” Netram concludes that “the NAM has advocated for a corporate income tax rate of 15 percent, with comparably lower rates for pass-throughs,” and says that such policy “would ensure that America remains the best place in the world to start, operate and grow a business for decades to come.”

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