NAM urges Congress to pass MTB
In an opinion essay for The Hill (11/19), NAM Vice President of International Economic Affairs Linda Dempsey writes that as they battle to “rebound from the recession and grow opportunities and jobs,” US manufacturers are beset by “congressional inaction on even the most bipartisan pieces of legislation, including the Miscellaneous Tariff Bill.” She notes that the MTB, which expired at the end of 2012, eliminated “congressionally imposed taxes on inputs not manufactured domestically,” thereby “incentivizing companies to keep and bring back manufacturing” to the US. Dempsey notes that a NAM analysis indicated that “failure to pass an MTB would result in a tax hike on manufacturing in America to the tune of $748 million and economic losses to U.S. manufacturing of $1.857 billion.” As such, “it is far past time that the House Ways and Means and Senate Finance committees move this legislation forward,” she concludes.
A press release (11/20) from the NAM notes that the association talked with reporters “to discuss the urgent need for lawmakers to pass” the MTB, because it “is critical legislation” for manufacturing jobs, growth, and competitiveness. The NAM also “highlighted the economic harm” due to Congress’s failure to renew the MTB more than 680 days prior. Joining NAM on the call was Leib Oehmig, President and Chief Operating Officer for Glen Raven, Inc., and Rob Eva, Global Sourcing and Contracting Manager for BASF Corporation, who explained how expiration of MTB had hurt their business and competitiveness. NAM Vice President of International Economic Affairs Linda Dempsey noted that “Manufacturers in the United States are making a comeback, creating new jobs and making more products than ever before. However, congressional inaction on MTB legislation is hurting our ability to compete globally and create jobs. Manufacturers need Congress to end the gridlock and act immediately to pass this bipartisan, job-creating legislation.” To watch the NAM’s latest Minute in Manufacturing video on MTBs, click here.
Politico Pro (Written by PoliticoPro) writes that the NAM “is launching a renewed push to get Congress to pass” legislation renewing the Miscellaneous Tariff Bill. The NAM’s Vice President of International Economic Affairs Linda Dempsey said on a call with reporters, “It is long past time that the Ways & Means and Finance committees move this legislation forward,” noting that the NAM would support some process changes if it meant a bill could move through Congress. Should NAM members want to read the full article for free, they may contact National Association of Manufacturers Account Manager Molly Fluet at email@example.com.
The Hill (11/20, Needham) reports that the NAM “is applying full-court pressure on lawmakers to pass” MTB legislation, arguing that congressional inaction has created almost $1.8 billion in economic losses. NAM Vice President of International Economic Affairs Linda Dempsey said, “We think Congress should and can act now… Manufacturers cannot afford to wait any longer” for lawmakers to find a solution to passing the MTB.
Reuters (11/20) reports in an article on the likelihood of a lame duck Congress passing legislation to fast-track trade deals, which the NAM is urgently encouraging Congress to pass. The article notes that the NAM estimates the legislation will cost $748 million in taxes over three years.
The NAM’s Shopfloor (11/20, Lemos) blog reports that “for decades, the MTB has supported manufacturing jobs” in the US by lowering costs and boosting competitiveness. Manufacturers “simply cannot afford [the] added costs” from the MTB’s expiration and “will be looking to new leaders [in Congress] to address this unacceptable situation without further delay.” The article notes that it has been more than 680 days since the MTB’s renewal deadline, and closes by saying, “If Members of Congress are serious about supporting manufacturing in this country, they will show leadership on the MTB by passing it and sending to the White House for the President’s signature immediately.”