Former President Donald Trump promised to make interest on auto loans fully tax deductible in a speech at the Detroit Economic Club on Thursday.
The former president announced plans to propose a policy that would make interest on auto loans fully tax deductible, with the goal of expanding domestic auto production and lowering the cost of car ownership for American families. According to To The Hill. His plan also includes targeting countries that compete with U.S. automakers and using both tariffs and tax incentives to shore up domestic industries.
“This will massively stimulate domestic auto production and dramatically make car ownership more affordable for millions of working American families. This is phenomenal,” Trump said. said.
In his speech, President Trump criticized Detroit’s economic situation, describing the city as “less developed than most places in China,” The Hill reported. President Trump has argued that his policies will significantly boost growth, restore prominence to the auto industry and ease the economic burden of car ownership on American families.
🚨 Now: President Trump announced new proposals at the Detroit Economic Club.
“Today, as part of the tax cuts, I’m also announcing that interest on car loans will be fully deductible.”
President Trump is making everything affordable again
What do you think?
pic.twitter.com/WMfm0hhVia— Cash Loren (@CashLorenShow) October 10, 2024
Trump’s proposal is consistent with his broader tax reform agenda, which includes eliminating taxes on many types of income such as overtime pay, tipped wages and Social Security benefits, The Hill reported. said. It also plans to trigger a six-year renegotiation clause in the U.S.-Mexico-Canada Agreement originally signed in 2020 to further protect U.S. manufacturing jobs from foreign competition. (Related: Hundreds of business groups warn that if President Trump’s tax cuts are allowed to expire, it will be the “largest tax increase in U.S. history”)
President Trump previously threatened to impose 200% tariffs on John Deere products if they moved manufacturing to Mexico. In his speech, he criticized China’s economic policies, advocated for tariffs and increased energy production to cut costs and strengthen local industry, and outlined a strategy for Vice President Kamala Harris.
At a campaign rally in Tucson, Arizona, in September, President Trump vowed that if re-elected, he would eliminate taxes on overtime pay for workers who work more than 40 hours a week. He said the measure would increase employee motivation and streamline the hiring process for companies.
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