President Trump addressed his plan for tax reform today at the National Association of Manufacturers. You can view the full speech here.
Tomorrow morning President Donald Trump will speak with America’s manufacturing leaders when he addresses the National Association of Manufacturers (NAM) Board of Directors in Washington, D.C. The president is expected to highlight how bold tax reform will make America more competitive, put more money in workers’ paychecks and improve the quality of life for everyone in our country. Please tune in at http://www.nam.org/TaxReform starting at 11:00 a.m. EDT tomorrow to watch the president’s remarks live. You can also take action on tax reform by texting ActOnTax to 52866 or click here.
The AP reports that “President Donald Trump vowed to deliver on a major tax cut for middle-class Americans on Tuesday as the White House and congressional leaders prepared to release details on a tax overhaul proposal that would slash the corporate rate and simplify the nation’s tax code.” The president met with House Ways and Means Committee members from both parties, and reiterated that he would release a “very comprehensive, very detailed report” outlining his framework for tax reform on Wednesday. “We will cut taxes tremendously for the middle-class. Not just a little bit but tremendously,” Trump said, promising that jobs “will be coming back in because we have a non-competitive tax structure right now and we’re going to go super competitive.” The AP adds that House Republicans will hold a retreat at Fort McNair outside Washington on Wednesday “to discuss the proposal.” Reuters reports that many conservative lawmakers are “predicting aggressive tax cuts would drive economic growth high enough in future years to produce a flood of
Ameren Missouri announced today a forward-thinking plan to dramatically increase the amount of wind and solar generation to provide cost-effective and sustainable energy for its customers. Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), plans to add at least 700 megawatts of wind generation by 2020, representing an investment of approximately $1 billion. The potential exists to add even more wind generation in the coming years as a result of improving technology and economics, as well as renewable energy initiatives with large customers. The company also plans to add 100 megawatts of solar generation over the next 10 years, with 50 megawatts expected to come online by 2025. “This is Ameren Missouri’s largest-ever commitment to clean, renewable energy,” said Michael Moehn, president of Ameren Missouri. “We are committed to bringing our customers innovative solutions that are both cost-effective and environmentally responsible while maintaining the reliability our customers expect.” Wind Generation The new wind generation is expected to be located in Missouri and
By Aric Newhouse, Senior Vice President of National Association of Manufacturers President John F. Kennedy, on December 6, 1961, addressed the National Association of Manufacturers (NAM) on the importance of U.S. competitiveness, stating: “We cannot afford to ‘wait and see’ what happens,’ while the tide of events sweeps over and beyond us. We must use time as a tool, not as a couch. We must carve out our own destiny.” All told, since President Kennedy, the NAM, the unified voice of the men and women who make things in America, has been proud to invite and welcome U.S. presidents from both parties. The NAM is looking forward to continuing this tradition with President Donald Trump. Upholding our commitment to economic growth and job creation, the NAM is working with leaders from the administration and Congress to achieve progress on our top priorities—tax reform, regulatory reform, infrastructure investment and workforce development—so that we can ensure a prosperous future for America’s manufacturing workers
Governor Eric Greitens and First Lady Sheena Greitens have departed for a trade mission to China and South Korea. The trip will include meetings with government officials, business executives, and civic and educational partners in Beijing, Shanghai, and Seoul. The Governor and First Lady chose Asia for their first trade mission because of the great opportunity that the state of Missouri has in the Asia-Pacific to increase trade, promote job-creating business growth, attract investment to Missouri, and create educational and cultural ties. “Our goal is to sell more Missouri products around the world, attract more investment in Missouri’s economy, and create more quality jobs for Missouri families,” said Governor Greitens. China and South Korea are two of Missouri’s largest manufacturing export destinations today, and there is tremendous growth potential for Missouri in Asian markets.
As expected, the Federal Reserve opted to not raise short-term interest rates at its September 19–20meeting, with a hike now more likely at its December 12–13 meeting, reflecting the recent deceleration in pricing pressures. Federal Open Market Committee (FOMC) participants did vote to start the process of normalizing its balance sheet as outlined in its June 13–14 meeting. Total assets at the Federal Reserve ballooned to $4.5 trillion in the aftermath of the financial crisis, and beginning in October, it will stop reinvesting $10 billion per month in government and mortgage-backed securities. That will eventually grow to $50 billion per month. As such, the balance sheet will start to decline gradually over the next few years, even as it is expected to be highly elevated. For comparison purposes, the balance sheet never exceeded $1 trillion before the financial crisis. The FOMC did suggest that “the labor market has continued to strengthen” and that “economic activity has been rising moderately so far this year,” even as it cited
The Enterprise Rent-A-Car Foundation – the philanthropic arm of the Enterprise Rent-A-Car brand – has pledged $750,000 to the American Red Cross and $250,000 to Americares. This $1 million donation follows the devastation left behind by Hurricane Irma and will assist with relief efforts in the Southeast U.S. and Caribbean. The donation is the latest example of Enterprise’s ongoing disaster recovery support this hurricane season, and is in addition to the $1 million the Foundation gave to support Hurricane Harvey relief in late August as well as a $1 million gift to the American Red Cross Annual Disaster Giving Program(ADGP) made earlier this year. This funding brings Enterprise’s support for disaster relief this year to $3 million. “We know firsthand how services from the American Red Cross and Americares can be life-changing and make a positive difference for disaster victims,” said Carolyn Kindle Betz, Senior Vice President and Executive Director of the Enterprise Rent-A-Car Foundation. “These are the communities where our employees and customers live and work, and we
In a column for Shopfloor (9/19), NAM Vice President for Tax and Domestic Economic Policy Christopher Netram discusses the outcomes of Tuesday’s Senate Finance Committee hearing, the theme of which was “competitiveness.” Netram quotes Finance Chairman Orrin Hatch (R-UT) saying, “while the U.S. corporate tax rate has remained unchanged for decades, the trend among our foreign competitors has been to lower corporate rates, making American businesses increasingly less competitive.” Netram points out that “one study by the National Association of Manufacturers (NAM) found that pro-growth tax policy changes would spur in an immediate hiring boom, followed by the creation of roughly 500,000 jobs every year – adding more than 6.5 million more jobs over a decade.” Netram emphasizes that “reducing the tax rate on business income is a key component of pro-growth reform,” and adds that “manufacturers organized as corporations face a top statutory federal income tax rate of 35%,” which “far exceeds the average statutory rate imposed in other advanced economies.” Netram concludes
National Association of Manufacturers (NAM) President and CEO Jay Timmons released the following statement Friday on the Trump Administration’s latest nominees to the Export-Import (Ex-Im) Bank of the United States: “With today’s new nominations of Kimberly Reed, Judith Pryor and Claudia Slacik to the Ex-Im Bank, we are one step closer to a fully functioning agency, which is essential for manufacturers of all sizes to make deals that support American jobs and American workers. These nominees build on President Donald Trump’s vigorous and outspoken support of American manufacturing workers and the Ex-Im Bank. And manufacturers urge the Senate to quickly take up these three nominations as well as the previously announced nomination of Spencer Bachus. “At the same time, we continue to call on the Senate to oppose the confirmation of Scott Garrett, who seeks to lead the Ex-Im Bank despite a long history of actions and statements designed to destroy the agency itself. President Trump understands exactly the critical