One Year Later, Virginia 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 Virginia benefited:
The legislation protected 149,000 jobs.
North Carolina saved $27 billion in gross domestic product.
North Carolina workers took home $14 billion in additional wages.
The report highlights the impact of this legislation on Wrap Technologies in Norton, Virginia.
Wrap Technologies is a public safety company best known for BolaWrap, a non-lethal restraint device now used by over 1,000 agencies across the United States and in 60 countries. Immediate expensing for new equipment and for R&D have freed up capital for Wrap Technologies to hire and train 126 new team members.
“Standing up a facility like our Norton headquarters means investing heavily in equipment and people at the same time. The ability to fully expense the manufacturing equipment we’re putting on the floor makes it easier for us to free up capital and redirect it toward what matters most right now: hiring and training the 126 team members who will build these products. Being able to immediately deduct our domestic research costs also allows us to keep investing in the engineering and R&D work happening on-site, which is central to where we’re headed. Together, these provisions let us reinvest more in our people and in the Norton, Virginia, community that welcomed us from day one.”— Scot Cohen, Founder and CEO.
Despite the enormous benefit to the Commonwealth of Virginia, former Representative Elaine Luria and Shannon Taylor opposed the largest tax cut for working families in American history. In contrast, Republican Representatives Rob Wittman (VA-01) and Representative Jen Kiggans ( VA-02) supported the legislation that supports working people.
"The Great American Comeback is underway in Virginia thanks to President Trump, Congresswoman Jen Kiggans, and Congressman Rob Wittman's 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.
