Trump Tax Cuts Sending American Manufacturing Confidence Through The Ceiling

america
June 21, 2018Jun 21, 2018

Roughly six months after President Donald Trump signed the 2017 GOP tax cuts into law, American manufacturers are reporting record levels of confidence in the economy and potential for future growth.

The National Association of Manufacturers (NAM) released its quarterly survey Wednesday morning that shows 95.1 percent of manufacturers have a positive outlook for their companies in the wake of the 2017 tax cuts. That is an all-time high for the 20-years NAM has conducted the survey.

“This record optimism is no accident. It is fueled by the game-changing tax reform passed six months ago,” NAM President and CEO Jay Timmons said in a statement. “Congress and the president delivered, and now manufacturers are keeping our promise: hiring new workers, raising wages, improving benefits, buying equipment and expanding right here in the United States. And the best part is, with manufacturers’ record-setting confidence and plans to keep hiring and growing, more good news is yet to come.”

Timmons will meet with Republican leadership in Congress Wednesday afternoon for an event that will commemorate the six-month anniversary of the tax cuts becoming law.

House and Senate Republicans are hoping the tax bill will help them keep the majority in both chambers, although the House is in a uniquely difficult position, given that nearly 50 GOP members have announced their retirements, resignations and or are moving on to other offices.

Republican tax cuts are expected to grow the economy over the next two years, leadership has repeatedly claimed. Real GDP will expand 3.3 percent in 2018 and 2.4 percent in 2019. Starting in 2020, those gains are expected to taper off. The CBO expects real GDP to grow 1.8 percent in 2020, continuing at an average annual rate of 1.7 percent from 2020-2026.

NAM worked particularly closely with Congress and the administration to get tax reform accomplished, promising its members would invest hundreds of millions into the U.S. economy and invest in labor, new equipment and domestic expansion.

The group hasn’t stopped its efforts, either.

NAM released a video in late May that is running in states featuring hotly-contested House races–Pennsylvania, Wisconsin, Michigan and Ohio. NAM is coupling those efforts with a digital ad campaign, hoping to sell voters on the benefits tax reform has brought to American manufacturing, workers and the economy.

The group also announced on Tax Day that it was releasing stories of manufacturers explaining the impact tax reform has had on their business. Additionally, NAM backed that campaign with a targeted digital ad campaign in battleground states, featuring stories from Texas, Ohio, Georgia, Florida and others.

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