WASHINGTON, D.C. - After several Big Three automaker executives flew to Washington, D.C. on private jets this week in search of a share of the $700 billion bailout, Representative Louie Gohmert (R-TX) introduced an alternative solution to stimulating the automotive industry without giving the mismanaged companies a massive bailout. Instead, Gohmert said he wants the American taxpayers to decide who they want to assist.
The Congressman has introduced the Consumer and Automotive Recovery (CAR) Act of 2008, which would provide a $1,500 tax credit to those with incomes less than $250,000 a year if they buy a new car that is substantially manufactured in the United States. It is important to note that the bill uses President-elect Obama's very own proposal of a tax credit for everyone who earns less than $250,000. The car would have to be purchased within 6 months of the bill's passage to qualify for the credit. This will give a significant boost to the auto industry, while preserving freedom of democratic principles and providing a tax credit during this very important season.
Gohmert stated, "Nationalizing a significant part of our auto industry into federal government ownership is not the answer. Too many are becoming addicted to the government's money "fixes". As with any addict you rally care about, you have to cut off their addiction and give them an incentive and reason to get off it. We must encourage free market selections by individuals, instead of having the government pick and choose winners and losers. This way, we can stimulate the economy while keeping our strong democratic principles intact."