Legislative News | Service Repair

Search Autoparts/Motorage/Legislative-news-service-repair/

MEMA, auto industry leaders join White House discussions on tax reform

Thursday, June 15, 2017 - 07:00
Print Article

The Motor & Equipment Manufacturers Association President and CEO Steve Handschuh joined other automotive industry executives Wednesday in a meeting with the White House’s National Economic Council to discuss tax reform.

The meeting, which the White House has characterized as a “listening session” is part of the Trump Administration’s effort to develop and build support for a tax reform package that the Administration hopes to bring to a vote this year.

“This was a good meeting,” said Handschuh. “And we feel that the concerns and input from the supplier industry were genuinely heard. Our message was clear: we are the largest sector of manufacturing jobs in the U.S. and have seen 19 percent growth in the four years. We need solid tax reform that will allow that trend to continue. That means we support tax reform that would include a reduction in the corporate tax rates, expensing, and repatriation.  We also expressed that MEMA does not support the 20 percent border adjustment tax that is included in the House Republican plan. We appreciate that the White House took the time to meet with us to gather information that could help inform the President’s upcoming tax plan.”

Among the detailed positions that Handschuh expressed at the meeting were:

Motor Age Magazine Want more? Enjoy a free subscription to Motor Age Magazine to get the latest news in service repair. Click here to start your subscription today.

 

  • Motor vehicle component manufacturers are the largest employer of manufacturing jobs in the U.S., contributing nearly 3 percent of the U.S. gross domestic product.
  • Suppliers directly employ more than 871,000 Americans, up 19 percent since 2012, and generate a total direct and indirect employment impact of 4.26 million U.S. jobs.
  • MEMA supports tax reform that will grow jobs and investments in the U.S. while ensuring that U.S. companies are able to remain competitive.
  • We support tax reform that would include a reduction in the corporate tax rates, expensing, and repatriation.   
  • MEMA does not support the 20 percent border adjustment tax that is included in the House Republican plan.

In addition to MEMA, the NEC meeting included representatives from the Alliance of Automobile Manufacturers, American Automotive Policy Council, American International Automobile Dealers Associations, Automobile Dealers Association, Auto Service Association, Daimler Group, General Motors, Global Automakers, National Association of Minority Dealers, National Auto Dealers Association, and Toyota Motor Sales USA.

Prep For The Future Today

Business Outlook Conference

Be a part of the inaugural Business Outlook Conference this July. For only $99, you will hear about the future of automotive and how it will affect your business from executives with IBM, AlixPartners, ETI, CCAR and much more!

REGISTER NOW

MEMA has been vocal in Washington regarding tax reform, emphasizing that it is crucial for American competitiveness as many competing countries have an edge in the global marketplace due to their country’s tax requirements. MEMA has urged Congress to: lower corporate rates; support tax credits for business investments that foster renewed development and deployment of vehicle technologies and products in the U.S.; and lowering the tax rate for accumulated foreign earnings, allowing capital held offshore to be repatriated in support of growing U.S. businesses.  While MEMA supports tax reform that promotes manufacturing competitiveness, U.S. job growth, and productivity, we do not believe the Border Adjustment Tax (BAT), as currently outlined in the House Republican plan, will achieve those objectives.

This is the second meeting between MEMA and the NEC and the latest of several meetings with Trump administration officials as part of MEMA’s comprehensive efforts to advance tax reform, to promote balanced trade policies, and to support U.S. manufacturing jobs. The first meeting with NEC, which was held in March, aimed to address issues of top importance to motor vehicle parts suppliers including trade, tax reform, and regulatory reform.

About MEMA
The Motor & Equipment Manufacturers Association (MEMA) and its four specialized divisions comprise a leading international trade association in the fast-changing mobility industry. Representing vehicle suppliers that manufacture and remanufacture components, technologies, and systems for use in passenger cars and heavy trucks, MEMA serves as a critical bridge between high-tech capabilities in new vehicles –such as autonomous vehicles and vehicle connectivity—and the “nuts and bolts” of vehicle manufacturing. MEMA works at state, federal, and international levels to ensure that the marketplace and public policy support the development of advanced, transformative technologies that enable safer, smarter, and more efficient vehicles. MEMA’s members are represented through four divisions: Automotive Aftermarket Suppliers Association (AASA), Heavy Duty Manufacturers Association (HDMA), Motor & Equipment Remanufacturers Association (MERA), and Original Equipment Suppliers Association (OESA). For more information on how MEMA is leading transformation in the mobility industry, visit www.mema.org.

Article Categorization
Article Details

blog comments powered by Disqus