Manufacturers: Tax Hikes In Budget Hurt Competitiveness
Washington, D.C. - National Association of Manufacturers (NAM) Vice President of Tax and Domestic Economic Policy Dorothy Coleman issued the following statement in response to the release of the President’s budget for fiscal year 2014:
“Over the past five years, manufacturers have weathered difficult economic times, succeeding in the face of slow growth and serious fiscal challenges. We have offered a Growth Agenda that calls for pro-growth, pro-jobs reforms to set our country on the right path toward fiscal responsibility and renewed global competitiveness. The budget process offers an opportunity to reset our priorities and make a commitment to growing the economy. Unfortunately, despite a few positive points, the President’s budget falls short of that goal.
The President’s budget is based in the misguided assumption that tax increases can solve our fiscal problems. In fact, a $580 billion tax increase will only fuel the headwinds manufacturers face, making them even less competitive and threatening economic growth and U.S. jobs.
The inclusion in the President’s budget of some reforms to entitlement spending—in particular, a more realistic basis for calculating cost-of-living increases for Social Security—is a positive step forward. Unsustainable entitlement programs are the true drivers of our national debt, and presidential participation is essential to enacting reforms that will put our country back on the path to fiscal stability. Manufacturers look forward to continuing the discussion as to the best way to achieve that goal.
Overall, the President has offered a budget that falls short of where we need to be as a nation. It lacks the vision for growth that will deliver true economic recovery. The NAM will continue to work with the Administration and Congress to ensure that the budget that is adopted is one that is rooted in pro-growth, pro-jobs reforms that will lift manufacturers in the United States to new heights.”
The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.