Interviews
Huge job losses render negative impact on economy
02 Feb '08
3 min read
To stop currency manipulation, AMTAC supports immediate passage of H.R. 2942, the Fair Currency Act of 2007, introduced by U.S. Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA). This bill would discourage currency manipulation by China and other countries by giving injured parties the right to seek a remedy under U.S. countervailing duty (CVD) law.
To help U.S. manufacturing in the long term, Congress also must eliminate the disadvantage to U.S. producers and service providers caused by foreign border-adjusted taxes such as value-added (VAT) taxes.
Currently, approximately 95 percent of U.S. trade is conducted with foreign countries using some form of VAT taxation. VAT rebates by foreign countries on their exports to the United States combined with foreign VAT assessments on their imports from the United States disadvantaged U.S. producers and service providers by an estimated $428 billion in 2006.
To eliminate the estimated $428 billion disadvantage to U.S. producers and service providers caused by the imposition and rebating of foreign value-added (VAT) taxes, AMTAC supports H.R. 2600, the Border Tax Equity Act, introduced by Congressmen Bill Pascrell (D-NJ), Duncan Hunter (R-CA), Mike Michaud (D-ME), and Walter Jones (R-NC).
Despite the loss of 3.432 million jobs since December 2000, the U.S. manufacturing sector still employs 13.746 million Americans. The average annual pay in 2006 for a U.S. manufacturing worker was$51,427 compared to $25,567 for U.S. retail trade workers, $39,115 for U.S. education and health services workers, and $17,781 for U.S. leisure and hospitality workers. It also should be noted that many manufacturing employers provide critical health and retirement benefits.
To help U.S. manufacturing in the long term, Congress also must eliminate the disadvantage to U.S. producers and service providers caused by foreign border-adjusted taxes such as value-added (VAT) taxes.
Currently, approximately 95 percent of U.S. trade is conducted with foreign countries using some form of VAT taxation. VAT rebates by foreign countries on their exports to the United States combined with foreign VAT assessments on their imports from the United States disadvantaged U.S. producers and service providers by an estimated $428 billion in 2006.
To eliminate the estimated $428 billion disadvantage to U.S. producers and service providers caused by the imposition and rebating of foreign value-added (VAT) taxes, AMTAC supports H.R. 2600, the Border Tax Equity Act, introduced by Congressmen Bill Pascrell (D-NJ), Duncan Hunter (R-CA), Mike Michaud (D-ME), and Walter Jones (R-NC).
Despite the loss of 3.432 million jobs since December 2000, the U.S. manufacturing sector still employs 13.746 million Americans. The average annual pay in 2006 for a U.S. manufacturing worker was$51,427 compared to $25,567 for U.S. retail trade workers, $39,115 for U.S. education and health services workers, and $17,781 for U.S. leisure and hospitality workers. It also should be noted that many manufacturing employers provide critical health and retirement benefits.
American Manufacturing Trade Action Coalition
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