...by transferring wealth to a favored political constituency from an unfavored one. A tax increase by any name, it also rewards inefficient producers.
Those inefficient producers needed saving again 25 years later and Detroit finally got what it deserved after nearly a century of crony capitalism.
Thus is it always with politicians who try to defy the laws of economic gravity.
Any other industries you'd like to "save?" Steel - too late. Same reason. All they wanted was a little help for an infant industry - in 1850. But they still wanted the protection 100+ years later. That old teat must be pretty stretched out by now.
I’d like you opinion on something. If you could eliminate the income tax completely and replace it with tariffs and a national retail sales tax would you be in favor of that?