Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • Tire Cologne canceled; rescheduled until 2022
      New round of Paycheck Protection Program funding opens
      Vaccine may usher sense of normalcy
      Cover-up: More retailers requiring face masks to curb COVID
    • Icahn Auto trims fiscal 2020 operating loss despite 14% lower sales
      Oshkosh unit gets contract for new USPS local delivery vehicle
      Sumitomo adds treadwear-detection to 'Sensor Core' toolkit
      New Porsche 911 GT3 to feature Michelin fitment
    • ATD's Schuette: Other 'strategic opportunities' could emerge in wake of Goodyear-Cooper deal
      Analysts see good signs in Goodyear-Cooper deal
      Home Depot turning to Tweel to solve downtime issues in rental business
      Sentury's 10-year global expansion strategy will include plants in North America, Europe
    • Michelin upgrades 2 lines of Energy-branded truck tires
      TravelCenters plans 6 TA Express sites in California in 2021
      Carlisle TyrFil broadens recycling technology options
      U.K. retreader Vaculug to promote tread rubber supplier Vipal
    • USTMA joins coalition supporting passage of Equality Act
      McMahon's Best-One increases its minimum wage to $15
      Oshkosh unit gets contract for new USPS local delivery vehicle
      Conti recalling 94,000 Conti-, General-, Barum-brand LT/SUV tires
    • Sentury's 10-year global expansion strategy will include plants in North America, Europe
      Rebound in car tire demand drives USTMA market forecast for 2021
      Michelin driving for '100% sustainable' tires by 2050
      Bridgestone celebrating 90 years as a business in 2021
    • Bridgestone World Solar Challenge canceled due to pandemic restrictions
      Pirelli, Goodyear ink sedan racing series contracts in Canada, Europe
      Goodyear extends partnership with Nürburgring race circuit
      BFG to support ATV/UTV racers in WORCS series
    • Michelin upgrades 2 lines of Energy-branded truck tires
      Falken revamps winter tire lineup with studless Eurowinter products
      Michelin launching ‘eco-responsible' performance tire for sporty EVs
      Martins Industries launches products in 3 categories
    • Leeds West buys New Mexico Big O store property
      BTS to host three-day virtual sales conference for its dealers
      Our View: Goodyear, Cooper deal historic moment in tire history
      McMahon's Best-One increases its minimum wage to $15
    • Pennzoil offering carbon-neutral lubricants for passenger cars
      Washington dealership uses new-school solution for recruiting auto techs
      Marinucci: Customers may ignore dangerous conditions
      Automotive Lift Institute introduces Check360 inspection, label
    • SEMA scholarships and loan forgiveness now available
      WTC hosting webinar Jan. 20 on load-capacity standards
      Denver's Brian Sump named AAPEX Shop Owner of the Year
      DUB, TIS Wheels founder Myles Kovacs is SEMA Person of the Year
    • Trade groups oppose minimum wage increase proposal
      New stimulus package fixes PPP loan confusion
      Vaccine may usher sense of normalcy
      2020 Review: PPP loans give boost to small businesses
    • Sentury's 10-year global expansion strategy will include plants in North America, Europe
      Industry experts to discuss Goodyear-Cooper transaction in free livestream
      Rebound in car tire demand drives USTMA market forecast for 2021
      Michelin launching ‘eco-responsible' performance tire for sporty EVs
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
      Sponsored By AppointmentPlus
      Three Important Lessons Learned for the Tire Business During a Pandemic
      Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      An introduction to wheel balancing
      Wheel weights: Balancing form with function
      Choosing the right balancing equipment
    • Video: Demounting
      An introduction to demounting, mounting and inflation
      Staying safe when demounting and mounting tires
      Demounting Equipment
    • Video: Safety
      Introduction: Creating a culture of safety
      Protecting your people with proper hygiene
      Making friends with OSHA
    • Video: Tire Repair
      An introduction to tire repair
      How to properly patch a puncture
      Tire repair: Shining a light on visual inspections
    • Video: TMPS Service
      An introduction to TPMS service
      The importance of proper relearn procedures
      Decoding sensor data for TPMS diagnosis
    • Video: Training
      Intro: Finding and training technicians
      Shop Floor: Scholarships
      Advantages of apprentice program partnerships
    • Video:Vehicle Lifting
      An introduction to lifts and lift safety
      Recommendations for using a jack
      Jack stands for commercial tire service
    • Video: Wheel Torque
      Introduction to proper wheel installation
      Torque check and recheck recommendations
      Using torque sticks to speed service times
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
  • Awards
    • Tire Dealer Humanitarian Award
MENU
Breadcrumb
  1. Home
November 05, 2001 01:00 AM

Tough sledding ahead for econ package

Miles Moore
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    WASHINGTON-The tire industry likes the economic stimulus package the House of Representatives passed Oct. 24, but isn't sanguine about the chances of all the House's tax break provisions making it through the Democratic-controlled Senate.

    Passed by the narrowest possible margin-216-214-on Oct. 24, the stimulus package offers tax and spending incentives worth $99.5 billion in fiscal year 2002 and $159 billion over 10 years for businesses and individuals. Among other things, it would:

    * Repeal the alternative minimum tax for corporations, and make that tax refundable back to 1986;

    * Accelerate the 25-percent marginal tax rate passed in the tax cut bill from earlier this year, so that it will take effect in 2002 instead of 2006;

    * Simplify capital gains taxes for assets held more than one year; and

    * Allow for 30-percent expensing of certain business capital expenses.

    A Democratic alternative, which concentrated less on tax cuts than on aid to workers laid off in the aftermath of the Sept. 11 terrorist attacks, went down to defeat on a 166-261 vote.

    The partisan anger that accompanied House debate on the bill virtually guarantees that the Senate version will be less favorable to business than the House package. Complicating matters further is that President Bush plans to introduce his own priorities into the eventual House/Senate conference on the bill.

    The Tire Association of North America, the International Tire & Rubber Association and the Rubber Manufacturers Association all support the House stimulus package. Roy E. Littlefield III, government relations director for ITRA, and an RMA spokesman mentioned that their associations belong to a coalition that supports tax relief for business.

    Becky MacDicken, TANA director of government affairs, said her association particularly likes the increased expensing provisions and new depreciation rules in the package. ``Those will help anyone who needs to buy new equipment,'' she said.

    But Ms. MacDicken was not hopeful that those provisions would survive unchanged in the Senate. She noted that Senate Finance Committee Chairman Max Baucus, D-Mont., has put forward a stimulus package that Sen. Charles Grassley, R-Iowa, ranking Republican on the committee, has refused to endorse.

    ``What sort of compromise we're going to get is just too difficult to say,'' she said.

    Mr. Littlefield also was gloomy about the chances for the House package. ``The economic stimulus we would like to see is more money for highways,'' he said, although he added that all domestic issues except for the economic stimulus package have been ``pushed to the back burner.''

    The RMA spokesman said his group supports ``any measure that helps business investment, particularly in a time of economic downturn.'' There is ``a general consensus'' in Congress, he added, that some sort of economic stimulus is needed, and he predicted that Congress would not adjourn for the year without passing a bill containing ``a significant portion'' of the tax breaks approved by the House.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION
    • Awards
      • Tire Dealer Humanitarian Award