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April 15, 2021
NCTO Chairman David Roberts
NCTO Chairman David Roberts outlined key industry facts and economic data, and recapped NCTO’s PPE and other legislative efforts in 2020 during his “State of the U.S. Textile Industry” address during NCTO’s 17th annual meeting, which was held virtually.
By David Roberts
Let me begin by saying what an honor and privilege it has been to serve as Chairman of NCTO over these past several months.
The year 2020 was marked by a once-in-a-generation pandemic and health crisis that profoundly impacted our businesses, creating challenges and new opportunities that we are still navigating through today and will be confronting for the foreseeable future.
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In March, the White House announced the American Jobs Plan a proposal to spend $2 trillion on infrastructure and other projects paid for by an increase in the corporate income tax rate from 21 percent to 28 percent.REF As lawmakers consider the merits of the proposal, it is helpful to review important aspects of how corporate taxation affects economic activity and to give an estimate of the effects of the higher tax rate.
The estimate presented here uses a simple set of elasticities to give lawmakers an idea of the effect that a seven-percentage-point increase in the corporate tax rate would have on incomes. I estimate that the proposed increase in the corporate income tax would reduce long-runREF gross domestic product (GDP) by about 0.96 percent, or about $1,650 per household.REF