One Year Later, Tennessee 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 Tennessee benefited:
The legislation protected 129,000 jobs.
Tennessee saved $23 billion in gross domestic product.
Tennessee workers took home $14 billion in additional wages.
The report highlights the impact of this legislation on Brunswick Corporation in Vonore, Tennessee.
Brunswick Corporation has a long history in Tennessee with offices in Knoxville and manufacturing in East Tennessee. Brunswick is the powerhouse behind some of the most iconic boat brands on the water, from the legendary Boston Whaler to family favorites like Bayliner. A competitive corporate tax rate helps Brunswick Corporation keep investing in Tennessee boat manufacturing.
“For a company competing in a global marine market, a competitive corporate tax rate and stable international tax rules matter. The Working Families Tax Cuts help make the United States a stronger place to invest, manufacture and export from. That certainty supports decisions to keep innovation, production and high-quality marine manufacturing here in America, including across our Tennessee operations.”— Amy Wenz, Vice President of Tax.
