One Year Later, South 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 South Carolina benefited:
The legislation protected 86,000 jobs.
South Carolina saved $15 billion in gross domestic product.
South Carolina workers took home $8 billion in additional wages.
The report highlights the impact of this legislation on Nucor Corporation at Darlington and Huger, South Carolina.
Nucor began operations in 1969 in South Carolina, helping pioneer electric arc furnace steelmaking in the United States. H.R. 1 provided a competitive tax rate and immediate expensing for facilities that help Nucor invest in American steel production.
“A competitive corporate tax rate gives manufacturers like Nucor the certainty to invest, grow and expand American steel capacity and capabilities. Full expensing for facilities and equipment helps ensure we can continue investing in the mills, machinery and technology needed to meet domestic steel demand and strengthen American supply chains. The Working Families Tax Cuts Act provides the certainty companies like ours need to plan and invest for the long term.” — Ben Pickett, Executive Vice President of Business Services.
Despite the enormous benefit to South Carolinians, the Democrat nominee for U.S. Senate for South Carolina, Dr. Annie Andrews, is firmly opposed to the largest tax cut in American history.
NRSC Regional Press Secretary Nick Puglia said, “Annie Andrews would have voted with every Democrat against these pro-worker tax cuts that are protecting South Carolina manufacturing jobs. Andrews puts South Carolina's families and workers last.”
