NAM Warns of Job Losses from Tax Cuts Expiration

A recent study by the National Association of Manufacturers (NAM) warns that failing to extend the 2017 Tax Cuts and Jobs Act could result in nearly 6 million job losses and over $1 trillion in economic damage. The manufacturing sector would be hit hardest, with an estimated loss of 1.1 million jobs and $126 billion in wages. Key provisions of the tax reform that have already expired or are set to sunset include research and development incentives and capital investment deductions. NAM President Jay Timmons emphasized the urgent need for Congress to act to prevent economic disaster and ensure competitiveness in the global market. The agriculture sector is also projected to face significant job cuts, with about 50,000 positions at risk. The findings highlight the critical role of pro-manufacturing tax policies in sustaining economic growth and job creation.