Former President Donald Trump announced in Detroit on Thursday that if he wins the election, he will make car loan interest “fully” tax-deductible, adding the policy to his plans for other major tax cuts.
During a speech at the Detroit Economic Club, Trump said the tax deduction on car payments would “revolutionize” the car industry and “stimulate massive domestic auto production.” The former president added that the policy would “make car ownership dramatically more affordable for millions and millions of working American families.”
Today, I am also announcing that as part of our TAX CUTS, we will make interest on car loans FULLY DEDUCTIBLE… pic.twitter.com/q5RUbo0lRO
— Donald J. Trump (@realDonaldTrump) October 10, 2024
In his speech, Trump also reiterated his promise to impose tariffs on car companies that manufacture vehicles outside of the U.S., a policy he says…
