Manufacturer’s group runs 7-figure advertising campaign against tax hikes
The National Manufacturers Association (NAM) on Wednesday launched a nationwide seven-figure television and digital advertising campaign urging Democrats to reject corporate tax increases in their multibillion-dollar social spending program.
“Tell Congress: Keep Making Strong Products In America And Say No To New Taxes,” Ad Says told viewers.
NAM and many others influential business lobby groups are running last-minute ads opposing the corporate tax hike as Democrats scramble to reach agreement on their reconciliation bill, which would make huge investments in the climate, the child care and education, by October 31.
Democratic lawmakers had hoped to raise the corporate tax rate from 21% to 26.5% to pay for part of the spending program. They are now exploring alternative funding measures after Sen. Kyrsten SinemaKyrsten Sinema21 House Democrats call for dropping IRS bank’s declaration proposal from Overnight Health Care spending bill – Introduced by Altria – Vulnerable House Democrats push drug pricing plan On The Money – Will the billionaire tax outlive Joe Manchin? FOLLOWING (D-Arizona) has announced that it will not support an increase in the tax rate.
Keeping corporate tax hikes out of the reconciliation package is the top priority for business groups. NAM has found that 9 out of 10 of its members would have a harder time expanding their operations and investing in new equipment if they have a higher tax burden.
“Congressional leaders should focus on policies that keep our industry strong, like the bipartisan infrastructure bill, not on tax hikes that will cost us jobs in the US manufacturing sector,” he said. NAM president and CEO Jay Timmons in a statement.
While Democrats have removed the corporate tax rate hike for now, they are exploring other sources of revenue that will draw opposition from business groups.
Democrats this week unveiled a 15% minimum corporate income tax on about 200 companies with more than $ 1 billion in profits. Manufacturers, who benefit from lucrative tax deductions to expand their businesses, would be among the hardest hit by the measure.
The Democrats’ tax proposals have sparked a wave of pressure from the country’s largest companies and their business groups. In the first three quarters of 2021, around 6,200 lobbyists reported working on tax matters, compared with fewer than 5,900 lobbyists at the same time last year, according to data from the Money Watch body in the OpenSecrets policy.