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Approval Of US Miscellaneous Tariff Renewal Bill Pushed

by Mike Godfrey, Tax-News.com, Washington

15 September 2015


The National Taxpayers Union (NTU) has led a coalition in writing to the US Congress to "create a path forward" for the renewal of Miscellaneous Trade Bills (MTBs), which last expired at the end of 2012.

A package of MTBs would eliminate or reduce import duties on hundreds of raw materials and intermediate products that are not produced or available in the US. As Congress has failed to renew MTB legislation, manufacturers have been paying substantially higher tariffs on essential manufacturing inputs since January 1, 2013.

Earlier this year, the National Association of Manufacturers pointed out that, according to its analysis, Congress's failure to pass a new bill has resulted in an annual USD748m tax hike on manufacturing in the United States and a USD1.875bn economic loss to US-based manufacturing.

The NTU's letter noted that, "while we would prefer broader, more comprehensive approaches to tariff reductions, MTBs have long served as a bipartisan approach to lessening the burden of government and increasing economic growth. … Congress should not allow this opportunity to pass it by once again. It should pass legislation that allows for permanent tariff reductions on as many product categories as possible."

In addition, to address concerns from some lawmakers – and in particular members of the Republican Party – that MTBs represent a spending "earmark," the NTU stressed that MTBs should "not give undue consideration to special interests in Washington."

To that end, it added, "the House of Representatives and Senate should reform the process so that individual companies request tariff relief from the International Trade Commission, rather than appealing directly to Members of Congress. This would greatly benefit taxpayers by increasing transparency and accountability."

TAGS: tax | law | tariffs | manufacturing | legislation | United States | import duty | trade | Tax

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