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2023 Economic Review and 2024 Outlook - Manufacturing02-02-24 | News

2023 Economic Review and 2024 Outlook - Manufacturing

Non-Residential
by Staff

Manufacturing

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The National Association of Manufacturers (NAM) has expressed concern that the stricter limitation on interest deductibility, implemented in 2022, could have severe economic consequences. Their data indicates that limiting manufacturers' ability to deduct interest on debt-financed investments might result in the loss of up to 867,000 jobs, a reduction of $58 billion in employee compensation, and a decline of $108 billion in GDP. Their analysis emphasizes that this limitation hampers manufacturers' capacity to invest in equipment and job creation. For these reasons, NAM urges Congress to act swiftly to revert to a pro-growth interest deductibility standard, asserting that manufacturers and related industries bear 77% of the burden of this policy change. https://tinyurl.com/NAM-Econ-23

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