National Association of Manufacturers CEO Jay Timmons discusses how Washington lawmakers can help bring manufacturing back to America on 'The Claman Countdown.'
Robotic arms weld components of Rivian R1T electric vehicle pickup trucks at the company's manufacturing plant in Normal, Ill., April 11, 2022.to reverse is a change that, since the beginning of 2022, has prevented most companies from immediately deducting 100% of their research and development expenses in the year those expenses are incurred.
US MANUFACTURERS URGE HOUSE SELECT COMMITTEE ON THE CCP TO HELP AMERICAN BUSINESSES COMPETE WITH CHINA "Manufacturers in the United States drive more innovation than any other sector, performing 55% of private-sector research and development in the U.S.," Netram noted. "In 2021 alone, manufacturers spent nearly $350 billion on R&D."
The average income tax rate in 2020 was 13.6 percent. The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers.