h/t to Scott Paul and the Alliance for American Manufacturing for their thoughts and focus ….
The package will soon be sent to Congress where modifications will likely be made. We have a few suggestions – as outlined in a recent piece by Alliance for American Manufacturing (AAM) executive director Scott Paul – that would help to rebalance our economy and provide a level playing field for American workers.
Tax Reform. Reshape the tax code in a revenue neutral way to provide incentives for job creation and inward investment. R&D tax credits should help firms that not only innovate in America but also make their products here. Lower tax rates for manufacturing activity in America and eliminate tax shelters for hedge funds or financial transactions that have no real value.
• 94% support a tax benefit for companies that conduct R&D in the U.S. and make their new products here.
Skills/Training. Shift some education investment to rebuilding our vocational and technical skills program, which would address looming shortages in the manufacturing sector.
• 91% support increasing investment in “retraining and education programs to ensure workers gain the tools they need to compete in modern, high-tech factories – up 4% from 2010.
Trade Enforcement. Refocus the trade agenda by giving American businesses new tools to counter China’s currency manipulation, industrial subsidies, intellectual property theft and barriers to market access.
• 95% favor keeping “America’s trade laws strong and strictly enforced to provide a level playing field for our workers and businesses.”
• 59% say we need to “get tough with China and use every possible means to stop their unfair trade practices…” – only 34% say we need to “be careful…because they own such a significant portion of our debt.”
• 86% say we should penalize nations like China that manipulate exchange rates and implement trade barriers to gain an unfair trade advantage.