By Sahid Fawaz
One senator wants to give consumers a strong incentive to consider American cars.
“Sen. Sherrod Brown [D-Ohio] wants the federal government to give a $3,500 discount to buyers of American-made cars and trucks, under legislation he introduced . . .
The price cut would be paid for by doubling the tax rate on foreign profits from some auto companies to 21 percent, the full U.S. corporate tax rate. The 21 percent corporate tax rate, and the lower rate on foreign corporate profits, both were part of the sweeping GOP congressional tax plan President Donald Trump signed last December.
On Tuesday, Brown pitched his bill as a way to unwind some of the economic forces that led General Motors in June to lay off 600 workers at a plant in Lordstown, near Youngstown. The layoff, which eliminated the plant’s second shift, went into effect the same day the company announced it would build a new assembly plant in Mexico to make the Chevy Blazer, an SUV.
‘I contend that if this bill were law right now, I don’t think GM would be going to Mexico to make its Chevy Blazer and build a new plant,’ Brown said. “I contend they’d re-tool the plant in Lordstown or elsewhere, and make the Chevy Blazer here . . .’
Brown’s proposed program would be voluntary for auto dealers, and the $3,500 discount would be applied through government vouchers. ”
For the rest of the story, visit Cleveland.com here.