Former speaker optimistic about getting to ‘yes’ on tax reform
During an event hosted by the Arizona Chamber of Commerce and Industry, Former Speaker John Boehner addressed tax reform and trade, two pivotal issues for Arizona manufacturers. Mr. Boehner expressed confidence in both a successful tax reform package as well as a revised NAFTA agreement.
On tax reform, Mr. Boehner said the odds of it getting through are “frankly better than 50-50,” reiterating that Republicans know this is a must-do.
As for NAFTA, Mr. Boehner admitted that the nearly 25 year old agreement needs some updating, and that the public may see what looks like a completely new document. Regardless of whether or not the document gets a new name, Mr. Boehner is sure that the trilateral agreement will endure despite any rhetoric to the contrary.
The article below offers more details on the event and words from Mr. Boehner. AZCentral:
Manufacturers stand strong on tax reform
Federal tax reform efforts continue in Washington and U.S. manufacturers have much at stake in the final policy. Jay Timmons, President and CEO of the National Association of Manufacturers, commended the House for its passage of the “Tax Cuts and Jobs Act,” stating that the House has shown its commitment to American manufacturing workers.
NAM now looks to the Senate to move forward with the bold tax plan it has laid out. NAM summarizes their continued engagement in the article below, including the five main objectives they will continue working to realize on behalf of manufacturers:
- A corporate rate as close to 15 percent as possible.
- Lower rates for income from small businesses and other “pass-through” entities.
- A “territorial” tax system that doesn’t touch U.S. companies’ foreign earnings.
- Preservation and enhancement of the research and development tax credit.
- Incentives for the purchase of capital equipment.
Manufacturers make clear what they need out of NAFTA
With the future of NAFTA still unclear after four rounds of negotiations, manufacturers have spoken out about the gravity of preserving the trilateral relationship and modernizing the agreement. The National Association of Manufacturers stresses the importance of enforcing certain policies identified in NAFTA in the article below.
Among the NAM’s top priorities are a functional investor-state dispute settlement system and a structure that encourages American manufacturers to invest at home and abroad.
In the News
Around the Nation:
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President Donald Trump’s pro-business agenda has been welcome news for U.S. manufacturing icons like Boeing. The airplane manufacturing giant inked a $13.8 billion deal with Singapore Airlines recently that would create 70,000 jobs in the United States.
U.S. News: Trump Announces Semiconductor Company’s Return to US
WASHINGTON — A $100 billion semiconductor company based in Singapore will legally relocate its home address to the United States, President Donald Trump announced Thursday. Broadcom Limited, which manufactures communications chips around the world, said it would relocate its legal address to Delaware once shareholders approve the move, bringing $20 billion in annual revenue back to the U.S. The move will allow Broadcom to avoid a cumbersome federal review process.
The Wall Street Journal: Forecasters Predict Nafta Withdrawal Would Slow U.S. Growth
The probability of a U.S. withdrawal from the North American Free Trade Agreement is roughly 1 in 4, according to private-sector forecasters, who said such a move would likely weigh on economic growth. President Donald Trump has indicated he may pull the U.S. out of NAFTAif efforts to renegotiate it fail. The talks are set to resume Nov. 17 in Mexico City.
Around the State:
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MESA, ARIZ. – Arizona State’s Polytechnic Campus in Mesa is where students and professors are exploring the potential of robotics to help meet an array of challenges in the realms of health care, education, transportation, manufacturing, national defense, public safety, environmental health, communications, sustainable energy systems and earth and space exploration.
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The Arizona Manufacturers Council is the voice of Arizona manufacturing. We are a community of makers dedicated to creating the innovations that safeguard and improve people’s lives and to providing the jobs that anchor Arizona’s economy. We are the official state affiliate of the National Association of Manufacturers and we aim to promote and enhance a positive business climate for manufacturing and related industries that operate within Arizona.