Joshua Lott, Getty Images
Industryweek 24916 092917 Donaldtrump Joshualott2
Industryweek 24916 092917 Donaldtrump Joshualott2
Industryweek 24916 092917 Donaldtrump Joshualott2
Industryweek 24916 092917 Donaldtrump Joshualott2
Industryweek 24916 092917 Donaldtrump Joshualott2

Trump to Rally Manufacturers to Press Congress on Tax Overhaul

Sept. 29, 2017
Trump’s speech to NAM comes as his administration is trying to build momentum for a proposal to cut taxes on corporations and individuals.

President Donald Trump will rally factory owners and executives to mobilize their influence on behalf of his proposed tax overhaul, using a speech to the National Association of Manufacturers on Friday to argue that lower rates will make American businesses more competitive.

“When we grow American manufacturing, we don’t only grow our jobs and wages, we grow the American spirit,” Trump will say Friday, according to an excerpt of his speech provided in advance by a senior administration official. “When we purchase products made in America, fashioned by our fellow citizens, we renew the bonds of national loyalty that link us all together.”

Trump’s speech to the manufacturing trade group comes as his administration is trying to build momentum for a proposal to cut taxes on corporations and individuals. The administration has released few details on how to pay for the tax cuts, instead asserting that the overhaul will create an economic surge, boosting job growth in manufacturing and other sectors.

Trump will tout several provisions in the tax plan that could benefit manufacturers, including a reduction in the corporate rate to 20%, a tax break for investment in new equipment and a low, one-time repatriation tax for profits held overseas, the senior administration official said. The official requested anonymity to discuss Trump’s speech in advance.

In a statement, NAM president and CEO Jay Timmons said the group was “honored” to have Trump speak about “the critical need for bold tax reform.”

By Toluse Olorunnipa

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!