Manufacturers were among the companies invited to participate in the Small Business Week showcase held at the Capitol last Wednesday, with two in particular: Marlin Steel of Baltimore and Michigan and Indiana. Its affiliate, Madsen Steel Wire Products, said lawmakers should use that time to advocate for priorities important to the manufacturing industry.
what happened: Republicans on the House Small Business Committee hosted the event to spotlight the efforts of job creators across the country and draw attention to the federal government's costly regulatory offensive (Washington Examiner).
- Drew Greenblatt, president and owner of Marlin Steel and Madsen Steel and NAM board member, has a booth at the showcase with his family, displaying metal baskets and racks made by his family's custom wire and steel products business. We exhibited several products such as.
- Greenblatt and others invited to the event included Chairman Mike Johnson (R-Louisiana), Majority Chairman Tom Emmer (R-Minn.), Small Business Committee Chairman Roger Williams (R-Minnesota), He had the opportunity to meet and speak with House Republican leaders, including those from Texas. Congressman Tim Walberg (R-Mich.).
background: Marlin Steel, Madsen Steel and many other manufacturers grew under the pro-growth tax provisions of the Tax Cuts and Jobs Act of 2017, which allowed companies to deduct 100% of their research and development expenses in the year the costs were incurred. .
- However, in 2022 and 2023, this policy and two others expired: enhanced interest deductions and 100% accelerated depreciation.
- Since then, manufacturers' taxes have increased because companies including Marlin Steel must amortize research and development costs over five years, making essential investments in innovation much more expensive.
- “We want to add jobs at our plants in Indiana and Michigan, but we also need to give our talent the better tools they need to compete with China,” Greenblatt said. “We need immediate spending to cover these huge investments. We invested $5 million, but now we have to pause investment. We need more factory workers. Congress and the president need to act to get people hired faster.”
Why it's important: The show gave Greenblatt a chance to hammer home the importance of restoring the lapsed tax system and the need to act quickly to secure additional pro-growth tax measures that expire at the end of 2025. Gave. It will be extended.
- Another issue that is top of mind for Greenblatt and manufacturers around the world is the flurry of regulations being handed down by federal agencies.
- According to NAM research, federal regulations will cost manufacturers about $350 billion in 2022, an increase of 35% from 10 years ago.
- Small manufacturers spend more than $50,000 per employee per year to comply with federal regulations.
Stop fighting: “As a small business owner myself, I am familiar with the many challenges small businesses face when trying to compete in the marketplace,” said Chairman Williams. “I hope this… showcase will be helpful.”[s] As an opportunity to learn more about how valuable Main Street is to our economy and country. ”
Related: Last week, NAM published a video on social media of other leading small and medium-sized manufacturers giving voice to their key competitive priorities. The video features NAM Board Member Patricia Miller, M4 Factory CEO and Founder Charles Skup, and Skup Chairman and Treasurer. Manufacturing Co., HM Manufacturing President and CEO Nicole Wolter;
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