Financial Reform

Tax Incentives for “American” Products/Stores/Purchasers

Americans WANT to “Buy American”. However, many products are made more cheaply overseas and Americans are financially strapped and thus forced to buy the “cheap versions” of foreign-made products. One way to combat this continuing attrition is to offer substantial subsidies to American made products. However, the better way to do this is to offer tax breaks for those who provide American products and services for U.S. consumers. If US entrepreneur proposes to open an “USA-only Products retail store” that offers 100% domestically made products, then the U.S. Gov. should create a method of creating tax breaks and other incentives for that business owner. During a recent television news production, it became apparent that there are many USA-made products out there. And there are MILLIONS of Americans who WANT TO BUY USA PRODUCTS. As such, a NATIONAL program should be developed and implemented so as to REWARD both the American manufacturers as well as USA consumers who buy those products. My proposal is to create a method of “claiming” on one’s taxes all defined products which are available for those tax credits. These would be for well defined, specific products (by-name) as well as a total amount or percentage of the purchase prices of those products. It could be set up much like the “home efficiency improvement” tax credit system. Products could include automobiles, large appliances, consumer products, etc. Strict definitions would have to be implemented so that “cheaters” could be spotted and denied inclusion. Further, in order to bring the manufacturing bases back to the U.S.A., the Federal Government should offer gigantic tax incentives to those companies who set up manufacturing plants in the U.S.A – bring back domestically made products! By offering “tax breaks” versus outright “subsidies” for U.S.A. PRODUCTS, we can avoid the international outcry that we’re “DUMPING” our “cheap, subsidized products” on the world market.

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Idea No. 4386