In particular, the Association supports the plan's lower corporate tax rate, immediate expensing of capital investments, and the preservation of the research and development tax credit.
October 2, 2017 by Canadian Plastics
The Plastics Industry Association, the leading plastics industry organization in the U.S., has endorsed President Donald Trump’s proposed tax reform plan.
“Earlier this year during the 2017 Plastics Industry Fly-In, men and women from around the country who depend on America’s plastics manufacturing industry came to Washington to advocate for several policies that would help create jobs and enhance the competitiveness of their industry. Among them were a lower corporate tax rate, immediate expensing of capital investments, and the preservation of the research and development (R&D) tax credit,” Plastics Industry Association president and CEO Bill Carteaux said in a statement. “We’re happy that policymakers on Capitol Hill and in the administration have heard our industry’s voice and included these important provisions in the ‘Big 6’ tax package.”
“The president’s commitment to American manufacturers has already yielded benefits with his administration’s success in eliminating overly burdensome regulations and lowering compliance costs for companies across the country,” Carteaux continued. “We look forward to continuing our work with President Trump, his administration and bipartisan leadership in Congress to continue the work already begun and to move these critical elements forward for the thousands of families in the U.S. that count on a strong American plastics manufacturing sector.”
The “Big 6” referred to are the key individuals who have been meeting over the past few months to work out the details of the tax plan. The group is Gary Cohn, the National Economic Council director; Steven Mnuchin, the Treasury secretary; Mitch McConnell, the Senate majority leader; Sen. Orrin Hatch, the Senate Finance Committee chairman; Paul Ryan, the House speaker; and Rep. Kevin Brady, the House Ways and Means Committee chairman.
Among other proposals, the tax reform plan calls for lowering the corporate rate from 35 to 20 per cent. It would also bring down the rate for so-called pass-through businesses to 25 per cent; currently, they are taxed under the individual code. The plan would collapse the current seven personal tax brackets to just three: 12, 25, and 35 per cent and nearly doubles the standard deduction.