Commerce Department Report Calls For Tax Changes In Manufacturing Sector

by Mike Godfrey, Tax-News.com, Washington

19 January 2004

US Commerce Secretary Don Evans released a long-awaited report on manufacturing last Friday that calls for a shake-up of the tax system in a bid to lower costs for the nation’s producers and boost their competitiveness abroad.

The report calls on the Treasury Department, amongst other measures, to lead a tax simplification study addressing depreciation and the corporate alternative minimum tax and focusing on lowering compliance costs for manufacturers. It also beats the drum for tax cuts to be made permanent by the Bush administration in general.

“This is our strategy to remove the barriers that are holding back American manufacturers and costing jobs,” observed Commerce Secretary Don Evans. “This report is a single step in an ongoing process: Ensuring that American companies are competitive in every part of the world,” Evans added.

The report was endorsed by John Stropki, COO of Lincoln Electric, which played host to a business roundtable. “Manufacturers across America now have a blueprint for growth that will help them expand their business, create new jobs and help both the local and national economy.”

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