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May 30, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Mileage Rules Debate Revs Up in U.S. Senate
Automakers Wary of Trump's Focus on Trade Deficits
Failed Google Deal Left Fields in the Lurch
Flat Auto Sales in May Would be an Improvement
Empower Retirement Provides Investment Market Insight
IRS Tax Forums Provide Opportunity For Face-to-Face Resolution of IRS Cases
Top Stories
Mileage Rules Debate Revs Up in U.S. Senate

Michigan’s Democratic senators have signed onto a bill that allows automakers to apply credits for model years as far back as 2009 to help comply with federal auto emission rules that require automakers to produce car and truck fleets that average around 41 miles per gallon by 2021. Backers of the bill say the measure, known as the Fuel Economy Harmonization Act, addresses long-standing conflicts between NHTSA’s Corporate Average Fuel Economy (CAFE) program and the EPA’s Greenhouse Gas emissions programs, which the Obama administration announced in 2009 would be managed as one program.
Source: The Detroit News

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Automakers Wary of Trump's Focus on Trade Deficits

Automakers and other key stakeholders in the coming trade debates are urging the Trump administration's negotiators to look beyond the size of bilateral trade deficits in determining how to attack the nation's export gap and promote job growth. They're responding to an executive order from President Donald Trump calling for the Commerce Department to lead an interagency review that zeros in on 16 trade partners with which the U.S. has a significant trade deficit. In 2016, the U.S. goods deficit was $746 billion.
Source: Automotive New
s

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Failed Google Deal Left Fields in the Lurch

At the end of 2015, it looked like Ford's then-CEO Mark Fields was going to score a big win: a partnership with Google to develop autonomous vehicles. The deal would have been a huge boon to Ford. At the time, none of the major automakers had spelled out a serious plan for getting fully self-driving cars on the road. And despite posting solid profits, Ford's shares were falling because investors didn't see anything coming down the line that they felt excited about. An announcement of a Ford-Google pairing could have significantly moved the needle on Ford's share prices.
Source: Automotive News

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Flat Auto Sales in May Would be an Improvement

U.S. auto sales are expected to be roughly flat in May vs. the same month last year. If that flat forecast pans out, it would be an improvement over sales so far this year. Automakers in the U.S. market will report May sales on Thursday, June 1, according to Autodata Corp. The long Memorial Day weekend and sales promotions traditionally give May sales a boost.
Source: Forbes.com

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Empower Retirement Provides Investment Market Insight

A quarterly market commentary, courtesy of the NADA Retirement program from Empower Retirement, is now available. Jonathan Kreider, vice president for Great-West Financial Investment Products, provides insight into current market trends and general fund performance. Click here for the market commentary and find additional information about the NADA Retirement program from Empower at nadaretirement.com.
Source: NADA

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IRS Tax Forums Provide Opportunity For Face-to-Face Resolution of IRS Cases

The upcoming Nationwide Tax Forums offer tax professionals with unresolved client cases the opportunity to meet face to face with IRS representatives in the Case Resolution Program.  Since 2011, case resolution staff has worked nearly 4,500 cases with a resolution rate of more than 97 percent. A Forum attendee must bring a valid power of attorney for any case he or she wishes to work with the IRS.  Reduced cost “early bird” registration for all five 2017 IRS Nationwide Tax Forums ends May 31 at 6 p.m. ET.  Registration and details are available at www.irstaxforum.com.
Source: IRS

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Quotable
"The conflicting fuel economy standards that are currently in place at NHTSA and EPA drive up manufacturing costs, which are ultimately passed on to consumers."

    -- U.S. Sen. Roy Blunt, R-Mo., commenting on the Fuel Economy Harmonization Act, which addresses conflicts between NHTSA’s Corporate Average Fuel Economy program and the EPA’s Greenhouse Gas emissions programs, The Detroit News, May 26

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