Former President Donald Trump called into the NAM’s board meeting last week to discuss the need for manufacturing-critical tax provisions, energy security and an end to the regulatory onslaught of the past few years. He also praised NAM leadership for its tireless work on behalf of manufacturing in the U.S. The Harris campaign was also invited to speak to the NAM Board.
Pro-growth tax provisions: Trump laid out his vision for tax reform at an NAM board meeting in 2017, and this year, he also addressed the need for manufacturing-friendly tax provisions.
“[W]e’ll make the Trump tax cuts permanent,” he promised, “and massively cut taxes for workers, manufacturers and small businesses.” Trump also noted his proposal for a 15% tax rate for products made in America.
If elected to a second term, Trump said he will give “U.S.-based manufacturers … expanded research-and-development tax credits.” Manufacturers will “be able to write off 100% of the cost of heavy machinery and other equipment in the first year,” he added—a provision the NAM has long advocated preserving.
Trump’s call with the NAM followed a Tuesday speech in Savannah, Georgia, in which he touted his plans to lower taxes and appoint a “manufacturing ambassador” if elected.
Energy and regulations: Trump told the NAM Board he would cut energy costs by at least 50% in his first year back in office, as well as increase and strengthen domestic energy sources—in large part by cutting red tape.
“[W]e have more liquid gold under our feet than any other country, including Saudi Arabia, and including Russia, and we’re going to be using it,” he said.
“It’s going to be a historic buildup of power plants and [electricity], and we’ll cut 10 old regulations for every new regulation. I cut more regulations than any president in history, and I also gave the largest tax cuts in the history of our country. But we’re going to go further with the tax cuts, and actually go further with the regulation cuts.”
The NAM has long pushed for an all-of-the-above energy strategy and permitting reform to get new power sources online.
Keep up the good work: Trump concluded his remarks to the NAM Board with praise for manufacturers and NAM President and CEO Jay Timmons.
“It’s great to be with you, the manufacturers, [who are] to me such an important group of people,” he said.
“We’re going to bring back manufacturing into our country. … It’s an honor to speak to you, and Jay has done a fantastic job. … [T]o the National Association of Manufacturers, keep going.”
Congress members agree: House Ways and Means Committee Chair Jason Smith (R-MO) and manufacturing tax group lead Rep. Vern Buchanan (R-FL) also spoke to the NAM Board about the importance of lower taxes and a competitive regulatory regime.
Bipartisan appeal: On the other side of the aisle, Democratic strategist Paul Begala, a panelist at the board meeting, remarked that the NAM’s policy-focused approach enables manufacturers to work well with both parties. He observed that among associations, “only” the NAM is “welcome in either party’s White House.”
In the news: Former Trump senior adviser Kellyanne Conway mentioned his call with the NAM during a Fox News segment the following day.
Trump “call[ed] into the National Association of Manufacturers’ … board meeting—medium, small and large businesses,” Conway said. “That’s a $3 trillion industry in our country. These are people who want recalibrated, reciprocal trade deals. They want the Tax Cuts and Jobs Act back.”
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