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Millions could get thousands of dollars for shopping under new bill and majority would be eligible

Millions of Americans could get thousands of dollars for shopping under new bill and majority would be eligible if a bill proposed by California and Michigan lawmakers’ duo goes into law. To help people buy more from local shops and support American companies, Representatives Ro Khanna from California and Debbie Dingell from Michigan, both Democrats, have put forward a new law. This law is designed to make it more attractive for folks to buy products made in the USA.

They announced this new proposal while they were visiting manufacturing facilities in Michigan recently. This proposed law, called the Made in the USA Tax Credit Act, offers special deals to people who choose products made in America. Individuals can get a tax credit of up to $2,500, and couples can get up to $5,000 if they buy goods that are mostly made in the USA. This is based on rules from the Federal Trade Commission, which says that for a product to be considered made in the USA, it must be almost entirely produced in the country.

This law specifically looks at helping smaller companies, those with less than 500 workers, and doesn’t apply to expensive items, tobacco, guns, or cars. The goal here is to make products from the USA easier to afford, which would help create more jobs and respect for workers.

“Investing in American manufacturing drives innovation, prosperity, and progress,” Dingell said in a press release last week. “I’m proud to introduce the Made in the USA bill with Rep. Khanna to encourage consumers to support the family-owned small businesses here in our communities, and to look to American products first.”

California and Michigan lawmakers duo's bill bill would give Americans up to $5,000 for shopping American-made products

The bill should specifically boost American manufacturers

Khanna and Dingell’s proposed law seeks to tackle a big problem that’s been hurting the foundation of America’s economy and the well-being of its communities.

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More than 70,000 factories shut down since 1998

According to Dingell, since 1998, the decrease in manufacturing in the U.S. and the rise in goods coming from other countries have led to over 70,000 factories shutting down. This has caused job losses and damaged entire communities and areas that used to rely on manufacturing jobs. This situation has also harmed the economy and made the American dream less attainable for many people, Dingell mentioned.

Millions will be eligible if this bill goes into law

The bill introduces specific rules for who can benefit from it, focusing on helping a wide range of people. Individuals who make less than $125,000 a year and have less than $20,000 from investments can qualify. For couples who file their taxes together, they qualify if they make less than $250,000 a year and have less than $40,000 in investment income. The law also plans to adjust the maximum amount of the credit for inflation every year to keep up with changes in the economy.

California and Michigan lawmakers duo's bill bill would give Americans up to $5,000 for shopping American-made products

“I am proud to be introducing the Made in the USA bill with Representative Dingell,” Khanna said in the release. “This bill will make items more affordable for consumers and help support American businesses and workers. It’s an important piece of what needs to be a sweeping set of policy actions designed to restore American manufacturing and technology leadership and a call to respect workers who will help our country achieve that goal.”

The long-shot bill was introduced to the House Committee

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Introduced to the House Committee on Ways and Means, the bill must navigate through the House, the Senate and ultimately receive President Joe Biden’s approval to become law.

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