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Interest on car loans would be tax deductible under Trump proposal
Republican presidential nominee and former U.S. President Donald Trump gestures as he speaks during a campaign event at Riverfront Sports in Scranton, Pennsylvania, U.S. October 9, 2024.
Brendan McDermid | Reuters
Donald Trump on Thursday will support making interest on car loans fully tax deductible, the latest in a suite of tax-cut promises the Republican presidential nominee has made in the weeks before Election Day.
Trump, in a speech to the Detroit Economic Club, will compare the plan to an existing tax deduction on mortgage interest, according to excerpts provided beforehand by the Trump campaign.
The plan “will stimulate massive domestic auto production, and make car ownership dramatically more affordable for millions of working American families,” Trump will say.
The former president will also promise to bar Chinese-made autonomous vehicles from driving on U.S. roads if he defeats Democratic nominee Kamala Harris in the Nov. 5 election.
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