Tax Reform Must Foster Jobs, Economic Growth, and Competitiveness
With comprehensive tax reform on the Congressional front-burner, paper and wood products manufacturers are educating lawmakers on the tax profile of the industry and the possible effects of wholesale reform of the tax code. Our priority is to ensure that any changes result in improved economic growth, job opportunities and the competitiveness of U.S.-based forest products businesses. The U.S. forest products industry accounts for approximately 4.5 percent of the total U.S. manufacturing GDP. Our companies produce about $200 billion in products annually and employ nearly 900,000 men and women, exceeding employment levels in the automotive, chemicals and plastics industries. They meet a payroll of approximately $50 billion annually and rank among the top 10 manufacturing sector employers in 47 states. Our companies and their business structures take many forms including C-Corps, S-Corps, partnerships and others. Our industry is capital-intensive and operates in a highly competitive international marketplace. Comprehensive business tax reform should allow for economic growth and improve the competitiveness of important job-creating sectors, including the U.S. forest products industry. Between 2006 and 2011, our industry has invested $52 billion in new equipment and production capability We are leaders in the field of renewable energy, generating electricity and other usable…
