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NMBC Tacks a Stand Against Harmful Tax Hikes

  • Post published:October 15, 2021
  • Post category:News

New Mexico Business Coalition Joins Hundreds of Manufacturers to Petition Congressional Leaders Against Harmful Tax Hikes

 

Albuquerque, NM:  New Mexico Business Coalition (NMBC) joined community organizations and small and medium-sized manufacturers from coast to coast to sound the alarm to Congress that “increasing taxes on manufacturers is a surefire way to harm the economy and hamper job creation.”

Carla Sonntag, NMBC President said, “This is the time to support manufacturing and the creation that comes with it. The past 18 months have been challenging for America and we need to breathe life back into this industry, not harm it with additional burdensome tax increases.”

Key excerpts of the letter to New Mexico’s Congressional delegates and others include:

·         “As part of the 98% of the industry comprised of small and medium-sized firms that form the backbone of communities around the country, we write to express our grave concerns with the significant and damaging tax increases currently being considered in Congress.”

·         “Put simply, rolling back tax reform’s pro-growth provisions would undermine manufacturers and harm job creation. We respectfully encourage you to reverse course and refrain from increasing taxes on the creators and innovators who make things in America.”

While looking at reversing the gains from tax reform in 2017, lawmakers were asked to consider the following:

·         In 2018, manufacturers added 263,000 new jobs—the best year for job creation in manufacturing in 21 years.

·         Manufacturing wages increased by 3% in 2018, 2.8% in 2019, and 3% in 2020. These year-over-year increases were the fastest rates of annual growth since 2003.

·         Manufacturing capital spending grew by 4.5% and 5.7% in 2018 and 2019, respectively.

·         Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

Read the full letter here.