Among the biggest winners with today's budget bill are corporations and small businesses.

The bill would make permanent the tax breaks from President Trump's first term,

as well as expanding provisions on company expenses and itemizations.

Manufacturers in particular are supportive of the bill.

Companies could fully and immediately deduct the cost of new

manufacturing plants. It also has incentives for producing semiconductors. So for a business perspective

on all of this, I'm joined by Jay Timmons. He's the president and CEO of the National Association

of Manufacturers. Jay Timmons, thank you so much for being here. How in this bill,

how vital was the making the 2017 tax cuts permanent? How much of that was a factor for you all?

Honestly, William, it was huge. Look, in 2017, I think we had a great victory for manufacturing in America, but it was a temporary victory.

We knew all along that, especially for small manufacturers who are so critical to the supply chain for manufacturers, larger manufacturers, we really only had a victory that would last until

2025. And in fact, some provisions in that bill, as you know, interest deductibility, full

expensing, research and development credits, those already expired. So the big challenge was making sure that the pass-through deduction

for small businesses did not expire at the end of this year. It would have cost six million

jobs, one million of those in manufacturing, and about a $1.1 trillion hit to our economy.

But I think kind of the unsung good news of this bill is that the corporate

rate didn't change. Even just a few weeks ago, there were folks talking about, well, maybe we

should put a few more points on the board on the corporate side. That's not a good message

for manufacturers who we would like to invest in their new plants

and equipment here in this country. When it comes to different manufacturing sectors, who is

most likely to benefit? I mean, which sectors are most likely to be able to pounce on this

and do something with it? Well, look, I think, frankly, I think all of all manufacturing will benefit from this.

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