After the U.S. House of Representatives passed the Tax Cuts and Jobs Act on Tuesday by a vote of 227-203, the Senate passed the bill early Wednesday morning by a vote of 51-48. The House will revote on a final version after some provisions were found to violate Senate rules. When finally signed into law, the bill would cut the corporate tax rate for the first time in 30 years.
“When this bill becomes law, manufacturers in America will be more competitive than they have been in decades,” said NAM president Jay Timmons. “Manufacturers do wish that some elements of the bill had been more pro-growth, and the NAM will continue working with Congress to improve on this foundation in the years to come. We reiterate our call for a triennial government study to see how our tax code compares to nations around the word--and determine what we can do to become even more competitive.”