One Year Later, North Carolina Manufacturing Jobs Benefit From Working Families Tax Cut
This week, the National Association of Manufactures released a detailed report showcasing the economic impact for the manufacturing sector because of HR1: Working Families Tax Cuts. Last year, Republicans passed this legislation providing the largest tax cut for working Americans in history, despite near unanimous opposition from Washington Democrats. The National Association of Manufactures advocates for Americans who build things in America with a focus on free enterprise, competitiveness, individual liberty, and equal opportunity.
The report highlights the positive impact of the legislation in all fifty states. NAM President and CEO Jay Timmons said, “H.R. 1 is one of the most consequential pieces of legislation in a generation. Congress and the administration delivered the permanent, pro-growth tax code manufacturers needed to invest in their people, purchase new equipment and plan confidently for the long term.”
He continued, “As these stories illustrate, manufacturers are producing the equipment that keeps firefighters safe, delivering clean drinking water to families and helping America’s farmers feed the world. They are advancing breakthrough healthcare technologies, strengthening our defense industrial base and producing the components that power everything from space telescopes to spaceflight.”
Here is how North Carolina benefited:
The legislation protected 184,000 jobs.
North Carolina saved $33 billion in gross domestic product.
North Carolina workers took home $17 billion in additional wages.
The report highlights the impact of this legislation on Ketchie Inc, a precision machine company in Concord, North Carolina.
The company was reserving capital for equipment purchase before the legislation passed due to uncertainty. Once H.R. 1 passed, Ketchie was able to purchase multiple pieces of equipment, enabling the company to compete in new industry markets. The business expansion allowed the company to increase its workforce by 25%.
“When H.R. 1 passed last summer, we moved quickly to execute on our investment plans. We made commitments—and we kept them. It’s incredibly rewarding to see those investments come to life and to celebrate what thoughtful, pro-growth tax policy can make possible for manufacturers.”— Courtney Silver, President and Owner.
Despite the enormous benefit to North Carolinians, Democrat Congressman Don Davis voted for - and Roy Cooper supported - the largest tax hike in history.
"The Great American Comeback is underway in North Carolina thanks to President Trump and Republicans' Working Families Tax Cuts, which delivered the largest middle-class tax cut in history, put more money in workers’ pockets, and saved American jobs." - RNC Spokeswoman Emma Hall.
