Florida’s manufacturing base employs nearly 410,000 people across 14,000 manufacturers and contributes over $70 billion annually to the state economy.
But if the Trump tax cuts expire next year, tax increases in the manufacturing sector will rise, which could dampen economic growth in the state.
The nonpartisan Tax Foundation says most taxpayers will see a tax hike unless some or all provisions are extended.
Florida Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee, has announced he will take the lead on hosting a House Ways and Means American Manufacturing Tax Panel. Buchannan wants to focus on the Tax Cuts and Jobs Act of 2017, which is set to sunset at the end of 2025.
Florida Manufacturing Getting Some Congressional Attention
man in blue jacket standing beside brown wooden post by Clayton Cardinalli is licensed under Unsplash unsplash.com
man in blue jacket standing beside brown wooden post by Clayton Cardinalli is licensed under Unsplash unsplash.com
Source:
Florida Daily
