The government walks a tightrope when it comes to business regulations.
On the one hand, consumer protections are necessary to prevent things like physical harm, exploitation, environmental damage, and labor abuses. On the other hand, businesses see regulations as impediments to profits, investments in research and development, and job creation. It’s a delicate balance.
Texas is a perfect example. Cities throughout the state have been challenging legislation pushed by Gov. Greg Abbott, as reported on by The Dallas Express. The legislation seeks to prevent municipal governments from passing rules that contradict state law across different regulatory fields. The point of the legislation was to provide more regulatory consistency throughout the state to help foster a healthier business environment.
Much of what happens in terms of federal regulations depends on who is sitting in the Oval Office. Jay Timmons, CEO of the National Association of Manufacturers, spoke with Fox Business about what manufacturers need to keep thriving. Here’s the start of the story:
Whoever takes the White House in November, the blueprint for keeping the U.S. manufacturing sector humming is pretty simple, thanks in large part to the 2017 tax cuts enacted during former President Trump’s term.
“He predicted that those tax reforms would serve as rocket fuel for our industry, and they did exactly that. We had record investment, we had record job creation, and we had record wage growth for the three or four years [of his term],” National Association of Manufacturers (NAM) CEO Jay Timmons told FOX Business.
“There is a lot of talk right now from both sides of the aisle, quite frankly, about the possibility of raising taxes on manufacturers, taxes on businesses. That’s not going to help us. You know, that’s not going to help us grow. That is not going to help our economy grow. And it’s certainly not going to help our leadership,” he said.