According to a recent article from Forbes, the turnover in Congress to a Republican majority offers hope to business owners and supporters of US manufacturing. Both the National Association of Manufacturers and the US Chamber of Commerce supported the Republican bid for the mid-term elections this year, with the goal of revamping taxes and decreases in existing regulations for businesses.
“’The picture is really becoming increasingly clear that manufacturers and candidates who support the manufacturing agenda are big winners tonight,’ says Jay Timmons, NAM’s top lobbyist. He noted that important wins for manufacturers include victories by Senate candidates Joe Manchin, D-W.Va.; Dan Coats, R-Ind.: John Boozman, R-Ark.; and Rob Portman, R-Ohio.”
For manufacturing companies, the Republican majority in the House of Representatives means a potential extension in the reduced 2001 and 2003 tax rates for manufacturing companies, most of which pay their taxes at an individual rate. These tax breaks could make the difference between individual US based manufacturing companies maintaining US employees or outsourcing to save money. This is a vital factor for the still tentative employment situation across the US and could be a factor in giving legs to a realistic economic recovery.
Allowing our manufacturing companies some relief will also give our export business a higher percentage of success as well, a crucial aspect to our economic global positioning.
Manufacturers in the US need to take advantage of the potential continuation of these tax breaks. Streamlining costs within each manufacturing plant will not only allow businesses to make the most of the relief promised by the incumbents in the House, but allows each plant to expand their business within their existing budgets, allowing for higher profit margins in the future.
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