[article]...Toyota To Cut U.S. Execs
- Thread starter K.C.
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It's unfortunate for the employees, but it's just not realistic to keep turning out cars that nobody is buying. Vacant lots and even airport runways have turned into parking lots for unsold new cars.
It looks like the stimulus package won't do much to turn the auto industry around. About a month ago, someone on Capitol Hill came up with the idea of giving a tax credit of $5,000 for buying a new car. Last week, the stimulus package made the sales tax and the loan interest tax deductible (not a tax credit, so less actual cash benefit). The version that might pass today only includes the sales tax deduction. At best, that will only amount to a few hundred dollars of incentive, and less for people in lower tax brackets. Frankly, I think handing out $5,000 to each buyer makes a lot more sense than arbitrarily giving billions to companies. We've got to get the economy moving from the bottom up!
It looks like the stimulus package won't do much to turn the auto industry around. About a month ago, someone on Capitol Hill came up with the idea of giving a tax credit of $5,000 for buying a new car. Last week, the stimulus package made the sales tax and the loan interest tax deductible (not a tax credit, so less actual cash benefit). The version that might pass today only includes the sales tax deduction. At best, that will only amount to a few hundred dollars of incentive, and less for people in lower tax brackets. Frankly, I think handing out $5,000 to each buyer makes a lot more sense than arbitrarily giving billions to companies. We've got to get the economy moving from the bottom up!
