FIRST ON FOX: A study released by the National Association of Manufacturers (NAM) shows that nearly 6 million American jobs will be at risk if President-elect Trump's tax cuts expire in 2017.

Fox News Digital first obtained a copy of the study, which was conducted by Ernst & Young on behalf of the largest company. industrial union In the US, it found that if Congress does not act to protect the Tax Cuts and Jobs Act by the end of 2025, approximately 5.9 million American jobs will be lost.

NAM argued that key manufacturing provisions of the Tax Cuts and Jobs Act of 2017 related to R&D, capital investments and business credits in 2022 and 2023 and several other provisions, namely the 20% pass-through, individual tax rates and The estate tax exemption limit is expected to expire at the end of 2025.

Research suggests that US economy If the remaining provisions of the Tax Cuts and Jobs Act expire, it will face $540 billion in lost wages and a $1.089 trillion GDP shortfall. In addition, 1.137 million manufacturing jobs, $126 billion in manufacturing worker compensation and $284 billion in manufacturing GDP are at risk if Congress does not protect the reforms, the study said.

“It's time to act. Millions of American workers depend on the manufacturing sector to continue moving America forward,” said Jay Timmons, president and CEO of the Non-Aligned Movement. “President Trump's pro-growth tax policies stemming from the 2017 tax reforms have been rocket fuel for manufacturers and made the U.S. economy more globally competitive. Manufacturers have followed through on our promises to create jobs, raise wages and benefits, and invest in our community. Act now , policymakers can choose economic growth over economic disaster and protect America's livelihoods.”

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U.S. President-elect Donald Trump speaks to members of the media during a press conference at Mar-a-Lago on January 7, 2025 in Palm Beach, Fla. (Scott Olson/Getty Images)

Timmons argued that protecting tax reform should be one of the first priorities of the new Congress and the incoming Trump administration.

“If Congress delays, manufacturers will be forced to delay investment and job creation decisions due to an uncertain outlook. In 2017, Congress passed the landmark Tax Cuts and Jobs Act late in the year, which means that manufacturers' investment decisions based on the law will be delayed as soon as possible.” It won't come to fruition until 2018,” Timmons said.

In 2018 and 2019, manufacturing capital expenditures increased by 4.5% and 5.7%, respectively, compared to an increase of only 1.4% in 2017.

Timmons noted how manufacturers added 267,000 new jobs in 2018, representing the best year for manufacturing job creation in 21 years.

“We can't wait this time: The economy is already shrinking as important provisions of the TCJA have expired in recent years,” he said. “After immediate R&D spending ends in 2022, EU R&D growth has surpassed that of the US for the first time in nearly a decade, and China's R&D growth has tripled ours. Congress and President Trump have taken action this year they need to act quickly to give manufacturers the tax certainty they urgently need to plan long-term job creation projects.

NAM argues that congressional inaction carries a higher tax risk for pass-through businesses and family-owned companies; Increased costs for R&D, purchase of capital equipment and business loans; and “an uncompetitive international tax regime that discourages investment in the United States and hinders manufacturers' ability to compete on the world stage.”

House Republican leadership has said they are committed to preserving the 2017 tax reforms.

Mike Johnson, R-La., speaks after being re-elected Speaker of the House on the first day of the 119th Congress, Jan. 3, 2025. (Chip Somodevilla/Getty Images)

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“Failure to extend the Trump tax cuts could result in the loss of nearly 6 million jobs and the collapse of America's manufacturing sector,” House Speaker Mike Johnson, R-La., said in a statement. “It is the responsibility of Congress to act quickly to protect Americans' livelihoods, prevent wage cuts and avoid the largest tax increase in history. He's making something here in Americathat's why House Republicans are working hard to protect and build on President Trump's historic tax reform and support American manufacturers.”

House Majority Leader Steve Scalise, R-La Trump's 2017 Tax Cuts and Jobs Act “not only boosted American manufacturing, but also spurred job growth, spurred innovation, increased take-home pay for hard-working Americans, and increased U.S. competitiveness.”

“With President Trump back in the White House and Republican majority In the House and Senate, we must act quickly to preserve global competitiveness, support investment and innovation, and protect small businesses and workers.” Scalise added, “Hardworking Americans deserve a strong economy that works for them, not against them. “House Republicans are ready to stop the largest tax hike in history and make our economy great again.”

NAM President and CEO Jay Timmons (Andrew Harrer/Bloomberg via Getty Images/File)

House Ways and Means Committee Chairman Jason Smith, R-Mo., said, “This study confirms the need to immediately extend the Trump tax cuts this year by showing the real-world devastation to America's small businesses and manufacturers if we fail to act.” “With nearly 6 million jobs lost, Congress must act quickly to give American small businesses, families and communities across the country the green light to hire more workers and expand their businesses to get the largest economy in our lifetime back as soon as possible. .”

“The last thing they need is the biggest tax increase in American history,” Smith added. “Ways and Means Republicans have been preparing for this moment for nearly two years and are ready to deliver an economic package that makes American Manufacturing great again.”

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The study also sparked a backlash from the upper house of Congress. said Senate Finance Committee Chairman Mike Crapo, R-Idaho Trump's tax reform “allowed Americans to keep more of their hard-earned money and allowed businesses to invest in their ideas, products and people.” He added that making these tax cuts permanent “is the best way to deliver the greatest economic growth, provide certainty and stability for American businesses, and avoid the economic losses described in this study.”

A press conference is scheduled for Tuesday afternoon at the Capitol to further discuss the investigation.