Wisconsin auto manufacturer warns Biden's tax regulation plan will be a 'huge barrier to innovation'

Millions of Americans could face steeper tax bills if the Biden administration is re-elected

Family-owned auto parts manufacturer Husco is preparing for the worst if President Biden is re-elected in 2024.

Company President and CEO Austin Ramirez recently testified before Congress ahead of their plan to allow Trump-era tax cuts to expire, touting the importance of the nearly terminated policy. 

BIDEN VOWS TO LET TRUMP-ERA TAX CUTS EXPIRE NEXT YEAR, MEANING HIGHER RATES FOR MANY

"Only by preserving the Tax Cuts and Jobs Act can Congress ensure that uniquely American stories like Husco remain possible," Ramirez said during congressional testimony this past April. 

The matter is likely to be a source of contention during the general election, particularly with Trump pledging to make the tax cuts permanent if he is elected in November. 

biden auto industry economy
Husco CEO Austin Ramirez is pictured alongside an image of President

Biden. Ramirez is in favor of the Trump-era Tax Cuts and Jobs Act being re-upped, a policy that the Biden administration said they would let expire if re-elected in 2024. (Fox News / Fox News)

The expiration of the tax law on December 31, 2025 will mean many Americans will be forced to pay more in taxes unless certain provisions are extended or made permanent. While President Biden has not yet released a blueprint for how to address the upcoming tax cliff, he called for a number of tax hikes in his fiscal 2025 budget proposal. 
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"Taxes are a huge part. We've got to have competitive taxes. In the U.S., we've got the most regressive tax regime in the world relative to R&D," Ramirez told Fox News' Pete Hegseth. 

The Husco CEO gave Hegseth a behind-the-scenes look into the company's manufacturing headquarters in Waukesha, Wisconsin, as the Republican National Convention got underway in nearby Milwaukee.

The U.S.'s federal research and development (R&D) tax credit grants companies a reduction in tax liability for select domestic expenses.\
House Ways and Means Committee member Rep. Greg Steube, R-Fla., joins 'The Evening Edit' to discuss major hurdles facing small businesses as President Biden threatens to double their taxes.video

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