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September 27, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Trump's Tax Reform Plan Would Dramatically Lower Rates for Businesses, Some Individuals
Lyft Adds Ford to Its List of Self-Driving Car Partners
Genesis Launches New Luxury Car With Korean Pride
Toyota Investing $374M in US to Build Hybrid SUV
GM, Unifor Head Back to Bargaining as Strike at Equinox Plant Continues
New Driven Guide on Leasing Available
Top Stories
Trump's Tax Reform Plan Would Dramatically Lower Rates for Businesses, Some Individuals

Republicans will unveil sweeping changes to America's tax code Wednesday in a proposal that dramatically lowers taxes on businesses and many households but remains silent on thorny issues such as how to pay for it all.

A joint product of the Trump administration and Republican leadership, the framework ... calls for lowering the corporate rate from 35 to 20 percent. It would also bring down the rate for so-called pass-through businesses to 25 percent; currently, they are taxed under the individual code. The plan collapses the current seven personal tax brackets to just three: 12, 25 and 35 percent and nearly doubles the standard deduction.

Those broad brushstrokes were hashed out during months of negotiations between Treasury Secretary Steven Mnuchin, National Economic Director Gary Cohn and top Republicans in the House and Senate, a group that has come to be known as the "Big Six." Tax reform has become the clarion call for the party amid rising frustration among conservatives over the failure of the repeal and replace of Obamacare.

"Tax reform is the most important thing we can do to restore confidence to this country, to get jobs and prosperity and that's why we are so singularly focused on getting this done this year," House Speaker Paul Ryan, a Big Six member, said on Tuesday.

But despite the unity around the framework, which will be officially released later in the day, Republicans still face plenty of roadblocks on the road to reform. Chief among them is that the plan does not provide much detail on how to pay for a tax plan that analysts have estimated could cost trillions of dollars.
Source: CNBC

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Lyft Adds Ford to Its List of Self-Driving Car Partners

For Lyft, winning the race to create the first fully self-driving vehicles on the road is a far from lonely pursuit. The company’s ethos is the more partners, the merrier. That approach explains the new tie-up between Lyft and Ford Motor. On Wednesday, the companies said they had struck a partnership to develop and test autonomous vehicle designs and technology, with the aim of putting Ford’s self-driving vehicles on Lyft’s ride-hailing network in the future. As part of the agreement, the companies plan to focus on issues such as software design, customer experience and user interfaces.
Source: The New York Times

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Genesis Launches New Luxury Car With Korean Pride

South Korean automaker Hyundai two years ago spun off Genesis as a stand-alone luxury brand that now is working to establish itself worldwide. The ambitious nameplate-awareness effort especially focuses on the home market where Hyundai vehicles dominate the roadways. “The launch of the Genesis G70 is an important milestone for our brand,” says Manfred Fitzgerald, head of the Genesis division.
Source: WardsAuto

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Toyota Investing $374M in US to Build Hybrid SUV

Toyota is investing $374 million in five manufacturing plants in the U.S. to help build its new Highlander hybrid SUV, the automaker announced Tuesday. The Japanese company said the new investments will help support Toyota’s “first American-made hybrid powertrain.” The money will be funneled toward plants in Kentucky, West Virginia, Missouri, Tennessee and Alabama. Each of the projects is scheduled to begin this year, and should be operational in 2020, Toyota added.
Source: The Hill

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GM, Unifor Head Back to Bargaining as Strike at Equinox Plant Continues

“Some progress” has been made in labor negotiations between Unifor and General Motors, the union said Tuesday evening as the strike continued at CAMI Assembly in Ingersoll, Ontario, where the hot-selling Chevrolet Equinox is built. The two sides met Tuesday afternoon, according to a post on the union's website. Unifor Local 88 President Dan Borthwick said GM responded to the proposal the local presented to the automaker Sunday, a week after workers walked out at the plant. Unifor saw enough progress in GM’s response to have the two sides resume negotiations at a hotel beginning Wednesday, Borthwick said.
Source: Automotive News

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New Driven Guide on Leasing Available

The vehicle leasing business reached an all-time high in 2016, with 4.3 million vehicles leased, and consumers are still leasing new cars at near-record levels. Leasing appeals to many consumers who are able to acquire a more expensive vehicle, often with lower monthly payments, than they could have afforded as a purchase—and they can get into a new car every few years, with no depreciation risk. Still, many consumers don’t understand the leasing concept or vocabulary. A Dealer Guide to Leasing Fundamentals aims to help dealers and their sales staff explain leasing, including how it compares to purchasing, so that customers can make the right decision for their individual needs. Discussed are closed-end consumer leases, how leasing benefits both customers and the dealership, and who are the best and worst candidates for leasing.
Source: NADA

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Quotable
"We’re focused on partnering with the auto industry because frankly, we think we can’t do this alone and need each other to be successful. It’s one thing to do tests with one or two cars. It’s a whole different world doing this on a large scale."

    -- Raj Kapoor, Lyft’s chief strategy officer, commenting on its partnership with Ford, The New York Times, Sept. 27



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