Comprehensive Tax Reform Review

The year of rollercoaster changes will perhaps be 2017’s lasting impression While positive changes have already occurred in Arkansas this year with the expansion of the flyaway-state tax exemption, larger impacts are edging onto the horizon with national tax reform. Congress is currently working to modify the current tax code.

Many aerospace and defense industry representatives are working to overhaul the comprehensive tax code into something that is more sensible. As one of the nation’s largest exports, by reforming the tax code, the importance of such changes cannot be understated. A more sensible tax code would stimulate job creation in the economy, make the U.S. more attractive for business investment and level the international playing field for American-made exports.

The ultimate goal is simple: maximize the vibrancy of the aerospace and defense industry’s workforce and contribution to the U.S. economic strength. The Arkansas Aerospace and Defense Industry is hopeful that Congress can make the corporate tax rate in the U.S. more globally competitive. In addition, any changes that would allow aerospace companies to invest more into their future workforce will be welcome changes.

Members of the U.S. Congress should are currently discussing methods to offset lost revenues from cuts to both corporate and individual income tax rates through additional revenue raising measures. The industry will follow closely where this discussion progresses.  Recognizing that there will need to be more than one possible solution, AADA stands ready to work with Congress to foster more options, leading to the most positive impacts as possible.

By working together, the aerospace industry and Congress can develop appropriate tax reform, spurring increased investment in aerospace and defense.  This, in turn, will stimulate high-skill, high-wage job creation and export market growth.  We will be advocating support for a tax code that enables business expansion, job growth and spurs innovation. 

Growth on the national level is coming; together we’ll unlock Aerospace and Aviation’s full potential.

The year of rollercoaster changes will perhaps be 2017’s lasting impression While positive changes have already occurred in Arkansas this year with the expansion of the flyaway-state tax exemption, larger impacts are edging onto the horizon with national tax reform. Congress is currently working to modify the current tax code.

Many aerospace and defense industry representatives are working to overhaul the comprehensive tax code into something that is more sensible. As one of the nation’s largest exports, by reforming the tax code, the importance of such changes cannot be understated. A more sensible tax code would stimulate job creation in the economy, make the U.S. more attractive for business investment and level the international playing field for American-made exports.

The ultimate goal is simple: maximize the vibrancy of the aerospace and defense industry’s workforce and contribution to the U.S. economic strength. The Arkansas Aerospace and Defense Industry is hopeful that Congress can make the corporate tax rate in the U.S. more globally competitive. In addition, any changes that would allow aerospace companies to invest more into their future workforce will be welcome changes.

Members of the U.S. Congress should are currently discussing methods to offset lost revenues from cuts to both corporate and individual income tax rates through additional revenue raising measures. The industry will follow closely where this discussion progresses.  Recognizing that there will need to be more than one possible solution, AADA stands ready to work with Congress to foster more options, leading to the most positive impacts as possible.

By working together, the aerospace industry and Congress can develop appropriate tax reform, spurring increased investment in aerospace and defense.  This, in turn, will stimulate high-skill, high-wage job creation and export market growth.  We will be advocating support for a tax code that enables business expansion, job growth and spurs innovation. 

Growth on the national level is coming; together we’ll unlock Aerospace and Aviation’s full potential.