NTU urges all Representatives to vote “YES” on H.R. 4318, the “Miscellaneous Tariff Bill Act.” This bipartisan legislation reduces or completely eliminates nearly 1,700 unnecessary taxes on select imported goods and materials that are not produced domestically.
Since MTB legislation lapsed in 2012, many American manufacturers have seen their costs rise due to additional tariffs placed on inputs necessary to make their products. Higher tariffs continue to undermine the ability of our manufacturers to deliver high quality goods at a lower cost to the consumer. Distortions also threaten the competitiveness of American businesses as a higher cost of inputs makes American products more expensive on the global market. Rather than be a roadblock, it is crucial for government to support policies that make it easier for businesses to expand and prosper.
H.R. 4318 marks a significant opportunity to promote free trade and international commerce through the elimination of distortive and anticompetitive taxes on manufacturers. Should this bill become law, it will result in duty relief for American companies that frees up more capital for reinvestment in the workforce and equipment, research and development, and lower prices for consumers. Analysis conducted by the National Association of Manufacturers estimates that these tariff reductions could save businesses more than $1.1 billion and boost U.S. manufacturing output by more than $3.1 billion by 2020.
Roll call votes on H.R. 4318 will be included in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Policy and Government Affairs Associate Thomas Aiello at (703) 299-8680