Powerful business groups are urging House lawmakers to pass a Republican tax package, which is expected to get a floor vote on Thursday.
The National Association of Manufacturers (NAM) and U.S. Chamber of Commerce are among groups that say they will be consider the tax-reform legislation a "key vote," which will be included in the annual scorecards on how lawmakers stand on major bills.
“America’s manufacturing workers need bold tax reform to not just better their job prospects but also to better their lives,” Aric Newhouse, NAM’s senior vice president of policy and government relations, wrote to House lawmakers in the key-vote letter.
“With this vote, you have the ability to improve manufacturers’ global competitiveness, grow the economy, spur investment and create more well-paying manufacturing jobs,” he wrote.
NAM argues that the measure includes five crucial elements that will boost manufacturing growth: a lower corporate rate, reduced rates on business income earned by pass-through entities, a territorial tax system, robust incentives for capital equipment purchases and retention of tax incentives for research and development.
Suzanne Clark, the U.S. Chamber’s senior executive vice president, said in the group's key-vote letter that “while much of the debate on tax reform has singularly focused on cutting rates, the broader importance of comprehensive, pro-growth tax reform cannot be overstated."
“Enacting tax reform would unleash resources for businesses large and small to hire new workers, expand facilities and purchase new equipment,” Clark said.
The American Farm Bureau Federation and Business Roundtable, representing the nation’s CEOs, are among groups that support the bill and are urging House lawmakers to pass the measure.
The Senate Finance Committee is working on its version of the legislation.
"This is a once-in-a-generation opportunity to reform the nation’s tax system to strengthen economic growth, increase wages and create more jobs for American workers,” said Joshua Bolten, head of the Business Roundtable.
"Business Roundtable will continue to work with the House and Senate to improve specific provisions that will help U.S. companies invest capital, hire workers and increase wages,” Bolten said.