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News in North American Manufacturing

MSCI: Repeal The Federal Estate Tax As Part Of Comprehensive Tax Reform

MSCI: Repeal The Federal Estate Tax As Part Of Comprehensive Tax Reform

Sunday, September 17, 2017 - The Metals Service Center Institute (MSCI) has agreed to join the Family Business Coalition in sending a letter to Republican leaders in the U.S. House and Senate urging them to fully repeal the federal estate tax as part of comprehensive tax reform efforts. The letter will argue that repealing the estate tax will spur economic growth and job creation and will leave small businesses with more money to invest in their operations and their employees. It also will note that the estate tax makes up only a very small portion—only about one half of one percent— of federal revenues. MSCI signed a similar letter earlier this year supporting Sen. John Thune’s (R-SD) Death Tax Repeal Act of 2017. Click here...

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U.S. Senators, Former Military Officers Tell Trump Administration To Act On Section 232

U.S. Senators, Former Military Officers Tell Trump Administration To Act On Section 232

Sunday, September 17, 2017 - Sen. Rob Portman (R-OH) and Sen. Sherrod Brown (D-OH) last week sent a letter to U.S. Commerce Secretary Wilbur Ross requesting that his department quickly conclude its Section 232 investigation into whether steel imports into the United States have harmed national security. According to Politico’s “Morning Trade,” the letter said that continued delays in issuing the report have led to a “corresponding surge of steel imports entering the U.S. market.” The senators argued, “Further postponement of the Section 232 investigation will invite a growing deluge of steel imports into the U.S. and cause even greater damage to the U.S. steel sector.” As Connecting the Dots reported...

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Coming In January 2018: Higher Taxes On Health Insurance Premiums

Coming In January 2018: Higher Taxes On Health Insurance Premiums

Sunday, September 17, 2017 - In 104 days, on Jan. 1, 2018, the Affordable Care Act’s health insurance tax (HIT) will go into effect unless members of Congress act to repeal the tax. The Metals Service Center Institute (MSCI) opposes this levy and urges its members to use the U.S. Chamber of Commerce’s website to tell lawmakers that they should vote to repeal the HIT before the end of the year. Click here to do so. According to the U.S. Chamber, this tax would impose $14.3 billion in new fees on millions of health insurance policies, raising premiums for individuals, families, senior citizens, and small businesses. According to one study, families and businesses in the small group market would pay an additional $500 annually while...

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Data Spotlight: Trump Administration Has Withdrawn 860 Regulatory Actions

Data Spotlight: Trump Administration Has Withdrawn 860 Regulatory Actions

Sunday, September 17, 2017 - Shortly after taking the oath of office, President Donald Trump made it clear that he intended to reduce the federal government’s regulatory footprint. According to Bloomberg BNA, his administration has made significant strides in keeping that promise. Since the beginning of President Trump’s tenure, federal executive branch agencies have withdrawn 860 regulatory actions. The president also has signed legislation to rescind 14 regulations using the Congressional Review Act. According to the White House, these actions will save the economy $18 billion annually. In a recent speech, White House Director of Legislative Affairs Marc Short suggested there is more to come. He said, “The Trump...

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This Week's Top Economic Data Points: Industrial Production In United States Falls At Fastest Rate In 8 Years

This Week's Top Economic Data Points: Industrial Production In United States Falls At Fastest Rate In 8 Years

Sunday, September 17, 2017 - The Federal Reserve announced last week that Hurricane Harvey contributed to the largest decline in industrial production in the United States in eight years. Overall output dropped 0.9 percent from July to August. Manufacturing production fell 0.3 percent, mining output declined 0.8 percent, and utilities’ production fell 5.5 percent. Despite the August loss, overall output was up 1.5 percent from the August 2016 level. The number of individuals who filed for federal unemployment benefits fell to 284,000 for the week that ended Sept. 9, down 14,000 from 296,000 the week before. The four-week moving average of first-time claims increased, however, while the number of individuals who continued to file for...

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