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Biden regulations, expired tax incentives weigh on manufacturers
Former George W. Bush speechwriter Bill McGurn discusses Biden’s upcoming State of the Union address and age concerns about the president on ‘The Evening Edit.’
The National Association of Manufacturers (NAM) released a survey this week that revealed regulatory and tax policies are weighing on the American manufacturing industry ahead of President Biden’s State of the Union Address on Thursday night.
NAM’s Manufacturers’ Outlook Survey for the first quarter of 2024 found that two-thirds of manufacturers said that the Biden administration’s regulations will be costly to implement, and that the regulations will take significant time to understand and comply with. The influx of regulations has put a damper on their outlook for their business outlook, as the survey found elevated concern about the business climate near levels last seen in late 2016.
“Manufacturers’ concerns in this survey should provide a stark warning to both parties ahead of the State of the Union: If you want to continue America’s manufacturing resurgence, focus on constructive policies to strengthen our industry – reinstating key tax provisions, achieving immigration solutions and advancing permitting reform,” NAM President Jay Timmons said in a press release.
“But if President Biden wants to put his manufacturing legacy at risk, nothing will do that faster than raising taxes on manufacturers or continuing this regulatory onslaught,” Timmons added.
ONE BIDEN MANUFACTURING REGULATION COULD WIPE OUT UP TO 1 MILLION JOBS, BUSINESS LEADER SAYS
President Biden’s State of the Union Address comes as manufacturers are worried about burdensome regulations and expired tax incentives. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images / Getty Images)
A near three-fourths majority of respondents, 72.4%, said that length of the current permitting reform process affects their investment decisions to various degrees, with 38.9% suggesting that they were extremely or moderately impacted. In NAM’s surveys throughout last year, manufacturers said that reform could allow them to hire more workers, expand their business and increase wages and benefits.
Nearly 94% of respondents to the latest survey said it was important for the federal tax code to help manufacturers lower costs associated with research and development, accessing capital through business loans and investing in capital equipment purchases, with 58% saying it was very important.
MANUFACTURERS SOUND ALARM ON BIDEN’S ENERGY POLICIES AHEAD OF IOWA CAUCUSES: CONSUMERS WILL PAY MORE
A worker operates a CNC milling machine at the Usheco manufacturing facility in Kingston, New York, on Wednesday, Feb. 14, 2024. (Photographer: Angus Mordant/Bloomberg via Getty Images / Getty Images)
Federal tax incentives that allowed companies to fully expense R&D costs, deduct interest and expense capital investments expired over a year ago.
NAM’s survey found that nearly 40% of respondents pulled back on hiring and investing due to increased taxes, and NAM noted that it expects this number to rise if the tax incentives are not reinstated soon.
Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania, on Tuesday, Jan. 30, 2024. (Photographer: Justin Merriman/Bloomberg via Getty Images / Getty Images)
Timmons said that the president and Sen. Katie Britt, R-Ala., who will be delivering the Republican response to Biden’s State of the Union Address, should take action to address manufacturers’ regulatory and tax policy concerns to help spur American businesses.
“President Biden and Sen. Britt will opine on their parties’ respective priorities, many of which manufacturers share. But actions speak louder than words. Congressional inaction and the stream of senseless regulations from the EPA and elsewhere are creating greater uncertainty for businesses, which hurts manufacturers’ ability to create jobs and raise wages,” he said.
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“Our commitment is to work with anyone who will put policy – policy that supports people – ahead of politics, personality or process,” Timmons said.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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