This week, we celebrated National Manufacturing Day, an opportunity to recognize the workers and businesses that have made Wisconsin a manufacturing powerhouse. The Sixth Congressional District is home to one of the largest manufacturing workforces in the country, and I am proud to represent so many of the men and women who make things right here in Wisconsin.
The Working Families Tax Cuts are helping create a better environment for these workers and the manufacturers that employ them. The law made 100% immediate expensing for new equipment and machinery permanent and allows manufacturers to immediately expense the construction or expansion of new facilities. It also permanently restored immediate deductions for domestic research and development and preserved the 20% small business deduction. These policies give manufacturers greater certainty to invest in new equipment, expand their facilities, develop new products, and hire more workers.
The tax cuts also directly benefit many manufacturing workers. No Tax on Overtime allows eligible hourly workers to deduct qualified overtime pay, meaning workers who put in extra hours can keep more of what they earn.
Wisconsin has the skilled workforce, hardworking people, and strong manufacturing tradition needed to continue growing. My goal in Congress is to make sure our tax code rewards work and investment rather than standing in the way of it. The Working Families Tax Cuts are an important step toward keeping more manufacturing jobs and production right here in America.