Reform plan may target elimination of manufacturing tax credits

WASHINGTON — U.S. Senators Debbie Stabenow (D-MI), Co-chair of the Senate Manufacturing Caucus, along with 10 of her colleagues recently urged Treasury Secretary Timothy Geithner to support business tax reforms that strengthen American manufacturing and job creation.

Stabenow and her colleagues sent a letter to Geithner as reports have surfaced suggesting the Administration may unveil a plan to overhaul America’s corporate tax structure that could include eliminating tax deductions for domestic manufacturing that spur new innovation and create American jobs.

“U.S. manufacturing supports an estimated 18.6 million jobs in the U.S. – about one in six private sector jobs — and nearly 12 million Americans are employed directly in manufacturing,” the Senators wrote. “We support efforts to simplify the tax code and make the U.S. a more competitive place for investment. We can meet this goal while ensuring that any tax reform proposal also maintains and strengthens our U.S. manufacturing base. Therefore, we urge you to support a promanufacturing tax reform proposal that promotes manufacturing and job creation here in the U.S.” — G.G.

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