It’s not every day that members of Congress can save 129,000 Tennessee jobs with a single vote, but that’s what our congressional delegation can do this year by moving quickly to preserve pro-manufacturing tax policies set to expire at the end of this year.
That jobs figure comes from a recent National Association of Manufacturers analysis, which also found that Tennessee could lose $22.5 billion in economic activity if Congress does not renew President Trump’s 2017 landmark tax bill in 2025.
President Trump’s 2017 tax cuts provided “rocket fuel” that powered growth for manufacturers across the United States. In the first year that the tax cuts were enacted, the manufacturing sector experienced its best year for job creation in over two decades. Manufacturers from coast to coast took advantage of tax savings to grow their businesses and invest in their workers.
This year, this rocket fuel is beginning to run low, as some tax cuts have already expired and the remaining cuts will sunset on Dec. 31. As a result, every manufacturing company across Tennessee faces a significant tax hike unless Congress acts.
Here in the Volunteer State, we know the manufacturing sector’s value and why Congress must prioritize the sector in this year’s tax debate. As the former commissioner of economic and community development under Govs. Bill Haslam and Bill Lee, I can speak firsthand to the positive impact of the tax cuts. We landed over 600 projects and added over 100,000 new jobs for Tennessee families across our 95 counties, which ultimately improved lives and built better communities.