Back in 2004, Congress thought the need to expand American employment was so important that it passed the American Jobs Creation Act.
Among the law’s provisions is Section 199, which provides tax credits for companies that create new manufacturing and production jobs.
A decade later, job creation is even more important if we want to return to a prosperous economy. It is incomprehensible to me that some leaders in Washington are suggesting we take these job-creation tax credits away from oil and gas companies.
As president and CEO of Paragon Medical, a Pierceton-based manufacturer of implantable components, I am particularly sensitive to taxation of the petroleum industry. Polymers, made from petroleum, are essential to our quality products.
When oil companies are taxed more, the price for our raw materials goes up, and our prices to our customers must then rise. This is true for all medical device companies that manufacture prosthetic joints.
The energy industry is one of the bright spots in our economy and carries the promise of putting more Americans to work in good jobs. I think we should do everything we can to encourage this and all industries.
We don’t need Congress to play favorites when it comes to job creation — let’s keep the floodgates open to any and all industries that can help lower unemployment and raise our economy.
It’s simple — stop tax increases that would limit job growth.
Tobias Buck, CEO, president, chairman of the board, Paragon Medical, Inc.