Manatee Review

Congressman Vern Buchanan has been appointed to lead the House Ways and Means American Manufacturing tax panel, where he will focus on the competitiveness of American manufacturing. Buchanan expressed his commitment to improving the tax code for the prosperity of American families, businesses, and manufacturers, stating, "America is at an economic crossroads, fighting for competitiveness in an increasingly global 21st century."

The National Association of Manufacturers praised the focus on manufacturing, with Managing Vice President of Policy Chris Netram emphasizing the importance of a competitive tax system for the success of manufacturing in America. Netram highlighted the impact of tax reform on the manufacturing sector, noting that the Tax Cuts and Jobs Act of 2017 was beneficial for job creation within manufacturing.

A study by Deloitte and The Manufacturing Institute projected a significant need for new employees in the manufacturing sector by 2033. It was highlighted that inspiring more individuals to pursue modern manufacturing careers is crucial to meeting this demand.

In Florida, Buchanan's home state, the manufacturing sector plays a significant role in the economy, employing nearly 410,000 individuals and contributing over $70 billion annually. Nationally, manufacturing is one of the largest sectors of the American economy, with a substantial impact on the overall economy. Manufacturing workers in the United States earn above-average salaries, with employees in Florida's manufacturing industry earning 17% more than the state's average annual wage for all industries.

Buchanan's previous experience as Chairman of the Ways and Means Tax Policy Subcommittee and his involvement in the successful implementation of the Tax Cuts and Jobs Act demonstrate his expertise in tax policy. He has been actively engaged in tax reform debates, focusing on lowering tax rates for individuals and small businesses.

As Buchanan takes on this new role, his leadership on the American Manufacturing tax panel is expected to have a significant impact on the future of manufacturing in the United States.