Press Releases

WASHINGTON – Today, Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee, announced that he has been tapped to lead the House Ways and Means American Manufacturing tax panel.

In what’s been dubbed “tax Armageddon,” many provisions of the Tax Cuts and Jobs Act of 2017 are set to sunset or revert to their previous state at the end of 2025. As a result, as noted by the nonpartisan Tax Foundation, “most taxpayers will see a tax hike unless some or all provisions are extended.”

“America is at an economic crossroads, fighting for competitiveness in an increasingly global 21^st century,” said Congressman Buchanan. “As someone who spent 30 years building businesses and has created thousands of jobs, as well as a former chairman of the Ways and Means Tax Subcommittee, I know from experience that making our tax code more competitive means greater prosperity for American families, businesses and manufacturers. I’m pleased to be leading this important Tax Team, which will focus on expanding, revitalizing and reshoring American manufacturing – one of the largest sectors of the U.S. economy.”

According to The National Association of Manufacturers, the largest manufacturing association in the country, manufacturing employs nearly 13 million men and women, contributes $2.89 trillion to the annual economy, and accounts for more than half of all private-sector research and development. 

“A competitive tax system is critical to the success of manufacturing in America, and the NAM is grateful to the Committee and Congressman Buchanan for focusing attention on this issue through the American Manufacturing Tax Team,” said National Association of Manufacturers Managing Vice President of Policy Chris Netram. “Tax reform was rocket fuel for manufacturers: 2018, the first year the Tax Cuts and Jobs Act was in effect, was the best year for manufacturing job creation in the previous 21 years. But those gains are at risk as key tax provisions expire, making it more difficult for companies throughout the supply chain to hire, invest and grow. Congress must build on the promise of tax reform to ensure that manufacturing in America remains strong.”

However, according to a recent study by Deloitte and The Manufacturing Institute, almost 4 million new employees in manufacturing will likely be needed by 2033, and 1.9 million jobs are expected to go unfilled “if we do not inspire more people to pursue modern manufacturing careers.” 

In Buchanan’s home state of Florida, the manufacturing sector employs nearly 410,000 people across 14,000 manufacturers and contributes over 70 billion a year to the state economy.

Nationwide, for every $1.00 spent on manufacturing, there is a total impact of $2.69 on the overall economy – making manufacturing one of the largest sectors of the American economy. Furthermore, in 2022, manufacturing workers in the United States earned an average salary of $98,846 – well above the national average. Within the state of Florida, employees in the manufacturing industry earned an average salary of $74,647, which is 17% above the average annual wage for all industries in the state.

Previously serving as Chairman of the Ways and Means Tax Policy Subcommittee, Buchanan helped oversee the successful and smooth implementation of TCJA. During the 2017 tax reform debate, he focused on lowering tax rates for individuals and small businesses and led the Small Business and Passthroughs Working Group.

Buchanan has led five of the six Ways and Means Subcommittees and currently sits on the Joint Committee on Taxation, a small group of the most senior tax writers in Congress.