Home Forums Hunting & Shooting Hunter's Campfire This Is Gonna Blow Our Economy Into Orbit!

Earlier this evening, leaders in the House and Senate released the final details of the tax reform bill, which is expected to be voted on early next week. House Speaker Paul Ryan sought out NAM President and CEO Jay Timmons tonight not only to communicate key details of the deal, but also to seek manufacturers’ counsel and support.

All told, the bill is a major win for manufacturers, and we will continue to work to ensure it gets across the finish line. We will make sure our elected leaders understand that if they want to stand with manufacturers and their employees, they will support this bill.

Here are some of the key provisions:
• Corporate rate of 21%, effective January 1, 2018
• No corporate alternative minimum tax
• Territorial tax system
• No “excise tax” (Section 4303), which was present in the House version
• Full expensing for five years, with a gradual reduction of deductibility after that
• R&D tax credit
• Interest deductibility
• Repatriation of 15% rate for cash and 8% rate for earnings reinvested in hard assets, with an 8-year window to pay the tax
• Top individual rate of 37%, with 20% deduction for business earnings of pass-throughs
• Permission for oil drilling in ANWR

While we certainly wish policymakers had been more aggressively pro-growth in some aspects of the final agreement, this legislation represents historic progress for manufacturers and for all Americans. We will continue working in the months and years ahead to make even more progress.

To get this bill across the finish line, though, we will need you to keep raising your voices and speaking out. While we are closer to meaningful tax reform than we have been since 1986, let’s not let up now.

Best,


Aric Newhouse
SVP, Policy and Government Relations
National Association of Manufacturers

ANWR drilling sounds good.........

It’s not passed and signed by trump yet. Hope they get it done.
There are some things like estate tax /death tax that I wish was eliminated.
But this is a start.

The stock market likes it too! For those who are sitting on the sidelines, now is the time to jump in!

It will undoubtedly boost the economy, and it better do.it fast, since it will add ,$4.5 trillion to the debt immediately.

Someone said my poor ass is going to have to pay more under this bill.

Maybe I should hang on to that child tax credit.....

If you think this tax plan is good I have some non flooding property in Houston and New Orleans and some wildfire free acres in California to sell you.

Or sell the kid....

I know a good baby broker through my church. 😉

No you don't.

You don't even have two brain-cells to rub together.

Every 1 % GDP nets the gov 2.2 trillion in new revenue.
3 % GDP 6.6 trillion in one year.
Do that for 4 years and you have 26 trillion +.
A rising tide lifts all boats.

dave

Screwing our enemies always sounds good.

Although slightly better, this is hardly a blip on the 10,000 page tax code.

The entire tax code should be thrown out and start over--but that ain't happening with this bunch in congress.

I'm still not sure if I'll be better or worse off.

You libs are really a pc. of work.

You ain't got a damn clue! Just sit back and shut up!!

I guess there were not enough Agriculture Subsidies in it to suit you?

Yep .... but just keep in mind, the individual provisions will expire by the end of 2025, but most of the corporate provisions would be permanent. So ..... there is a relative degree of certainty for individuals through 2025 .... but in 2026 I guess we are back to where we are today.

That depends on who holds the balance of power between now and then.

If the Dems gain control this will be rolled back before then.

If the Republicans continue to hold power, we will get the other half of the loaf before then.

The Dem's never seemed concerned about the trillions in debt added during the Obama administration while the economy stagnated.

The Dem's squawk about the "cost" of the tax cuts. It is not a cost. It is our tax money. The government doesn't produce anything. They take money from the working citizens and spend it. The government doesn't have a revenue problem, it has a spending problem. Dollars that aren't passed to the government as taxes are spent on goods and services or are saved or invested.

Higher taxes are a drain on the economy and increased overhead for businesses and passed on to consumers. Lower taxes spur the economy creating more revenue for the government, and more jobs. Win/win.

How the Dem's can wring their hands and claim the sky is falling if the tax cuts get passed is beyond me.

Very well said!