Featured speaker Bob Carter, Executive Vice President, Sales, Toyota Motor North America discusses issues facing the auto industry.
"The automobile is one of the largest contributors to the U.S. economy. It's the largest manufacturing sector domestically, yet we face significant challenges, one of which is a tax code that's uncompetitive with the rest of the world. The proposed Border Adjustment Tax would place a 20 percent tariff on everything that crosses the U.S. border. Many studies show that families will pay an additional $1,700 per year for life's essentials if this tax becomes law and the automobile would be heavily effected. Some experts think this could reduce U.S. auto sales volume by 1-2 million units, to the tune of about $28 billion. So, if the border tax goes through, the auto industry will foot a quarter of the tax costs. We have to fight to end the this proposal. It will impact every single part of our business."
Bob Carter, EVP, Sales, Toyota Motor North America