Big, Beautiful Success Story: Among American Industries, Manufacturing Benefits Most from Working Families Tax Cuts

WASHINGTON, D.C. - Manufacturers are the biggest industry winner from the Working Families Tax Cuts, laying the groundwork for a domestic manufacturing revival. According to a recent analysis, the tax benefits for American manufacturing in the recently enacted tax relief law are more than three times the size of the next closest industry.

New jobs at new facilities and factories will contribute to an economic boom, all spurred by permanent pro-growth tax policies in the Working Families Tax Cuts - including permanent research & development expensing, 100 percent immediate expensing, and restored interest deduction; alongside new 100 percent expensing for the construction of factories and production facilities.

"The Working Families Tax Cuts recognize manufacturing is a key source of American economic strength and high-paying jobs for working-class families. Our country is already seeing a multi-trillion dollar surge in pledged investments as a result of President Trump's America First economic agenda," said Ways and Means Committee Chairman Jason Smith (MO-08). "Together, these pro-growth policies will spur a boom in new facilities, new jobs, and new opportunities in communities across America."

The Working Families Tax Cuts will spur $284 billion of new economic growth and preserve 1.1 million jobs from American manufacturers, according to the National Association of Manufacturers. Already, in anticipation of tax relief for manufacturers, manufacturing GDP grew at a blistering 12 percent rate in the quarter before President Trump signed the tax relief into law.

Since the Working Families Tax Cuts became law on the Fourth of July, manufacturers have announced expansions of existing plants or construction of new factories:

• New steel plant in Pennsylvania and expansion of existing one in Indiana.
• $2 billion manufacturing plant in North Carolina.
• $1.2 billion biologic medicines factory in Pennsylvania.
• $500 million investment in a California innovation center.
• $223 million rare earth magnet plant in Georgia.
• $457 million transformer production factory in Virginia.
• New Louisiana steel plant for U.S. auto production.
• $3 billion investment in home appliance plants in Kentucky, Alabama, Georgia, Tennessee, and South Carolina.
• $400 million chicken processing plant in Georgia.
• Doubled capacity at a California air taxi manufacturing plant.
• $75 million investment in a South Carolina engine plant.
• $4 billion new battery production factory in Kansas.