December 10, 2018

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National Tooling and Machining Association / Precision Metalforming Association Statement on Tax Reform Framework

Thursday, September 28, 2017

Contact: Paul Nathanson
202-828-1714 
paul.nathanson@bracewell.com

National Tooling and Machining Association / Precision Metalforming Association Statement on Tax Reform Framework 

WASHINGTON, DC—September 28, 2017—Dave Tilstone, President of the National Tooling and Machining Association (NTMA), and Roy Hardy, President of the Precision Metalforming Association (PMA), representing more than 2,500 manufacturers across the United States, issued the following statement today on efforts to reform the U.S. tax code:

An overhaul of our tax code is long overdue and we applaud efforts underway to take on this important issue.  Manufacturers are encouraged by the initial tax reform framework introduced yesterday by the White House and Congressional leaders.  Our members need a simplified and stabilized code that lessens the burden placed on smaller businesses and allows U.S. companies to become globally competitive.

The current tax code results in small and medium sized manufacturers paying a disproportionate share of taxes.  NTMA and PMA support, and have long called for, lowering the tax rate for pass-through businesses.  Approximately 70% of our membership is comprised of pass through businesses who are currently paying taxes at the highest individual 39.6% income rate.

However, tax reform is more than just about lowering rates – it is about simplifying the code, making it globally competitive, and creating certainty around provisions that are important for small and medium sized businesses seeking to invest in the future of their companies.  We support provisions in the framework introduced yesterday such as maintaining the Research and Development Tax Credit and immediate business expensing.  These provisions will allow our companies to have more resources to grow and expand their workforce.

We look forward to continuing to work with the tax-writing committees in Congress to provide information on ways to improve the tax code so that our members can grow their businesses, hire more workers and ensure that U.S. manufacturing continues to be a leading economic driver for this country.

About One Voice: The Precision Metalforming Association (PMA) and the National Tooling and Machining Association (NTMA)’s combined “One Voice” federal government advocacy program represents more than 2,500 metalworking companies and is designed to promote U.S. government policies that will ensure a strong manufacturing sector in the United States.  For additional information, please visit www.metalworkingadvocate.org.