Working Families Tax Cuts Power Domestic Manufacturing

Working Families Tax Cuts Power Domestic Manufacturing

Washington, D.C.-The Working Families Tax Cuts are bringing jobs, investment and manufacturing back to America. The law makes permanent many provisions that drove a historically strong economy during the first Trump Administration, like immediate expensing for capital expenditures on business machinery and equipment. It also permanently extends the 20 percent small business deduction, increasing confidence for more than 25 million small businesses.

"Permanence in the tax code gives Idaho manufacturers the certainty they need to make long-term investments, improve product quality and create good-paying jobs," said U.S. Senate Finance Chairman Mike Crapo (R-Idaho). "By making proven pro-growth tax policies permanent and strengthening incentives for domestic investment, Republicans have laid the foundation for a stronger economy, a more competitive manufacturing sector and more opportunities for American workers for years to come."

In addition to full expensing for near-term investments in factories and factory improvements, key wins include:

• Permanent full expensing for machinery and equipment
• Permanent immediate deductibility for domestic R&D expenses
• Permanent 20 percent small business deduction
• Permanent increased cap on the business interest deduction
• Permanent America-first international tax reforms

What they are saying:

"Immediate expensing of both equipment and production facilities lowers the costs of those investments, supporting our ability to continue to invest and create jobs in the community we've operated in for more than 50 years." - Clint Whitehead, President of Western Trailers, a Boise, Idaho-based company that builds custom trailers

Click HERE to learn more about how the Working Families Tax Cuts support domestic manufacturing.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.