Senator Moreno introduces new bill that aims to reduce tax on auto worker wages, lower vehicle prices
Ohio Senator Bernie Moreno introduced the Transportation Freedom Act on Tuesday in an attempt to aid the auto industry by deducing taxes from auto workers' pay and removing government mandates that have made vehicles more expensive.
The bill has received backing from General Motors, Toyota, the Alliance for Automotive Innovation and multiple American senators including Jim Banks of Indiana, Tim Sheely of Montana, and Jim Justice of West Virginia.
"GM has long supported consistency in emissions regulations that are aligned with market realities, and provisions of the Transportation Freedom Act would move us in that direction," said General Motors.
The Transportation Freedom Act looks to invest in auto workers through a 200% tax deduction for the wages of auto workers making $150,000 or less while preventing companies from using the funds saved for stock buybacks.
The bill will also try to remove many of the mandates that create a more expensive market for buying a vehicle such as the EPA "tailpipe rule" and the California zero-emissions mandate.
"This will allow the auto industry to invest wisely in emission reduction technologies while providing affordable choices for consumers," said EVP and COO of Toyota Mark Templin.
Finally, the bill looks to streamline America's regulatory process which should save the federal government money and time.
"It's time to make sure cars sold in America are actually made in America and give Americans the freedom to choose the cars they actually can afford and want to drive—my bill just does that," said Senator Moreno.
Below is the bill in its entirety.
