Categorized | News

U.S. Auto Industry Created $135+ Billion In Taxes in 2010

Posted on 11 April 2012 by Adam Kaslikowski

The domestic automotive industry generated more than $135 billion in federal and state revenue in 2010, a new report out today from the Center for Automotive Research says. The study  shows that the production, sales, service and use of vehicles generated at least $43 billion in federal tax revenue and more than $91.5 billion in state government revenue. Of the $43 billion in federal tax revenue, $14 billion came from income taxes and $29 billion from federal motor fuel taxes.

This study released today disagrees with a report released last week by the Congressional Budget Office, predicting the federal government will lose $19 billion on the bailouts it extended to General Motors, Chrysler, their finance arms and suppliers. As always, both sides of the upcoming presidential race will be using the bailouts for their own purposes, and at least now the Obama administration has some ammo of it’s own. It is always better when a fight is fair.

– Adam Kaslikowski

Source: Automotive News