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Online mystery-ak

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Trump announces plan to make interest on auto loans fully deductible
« on: October 10, 2024, 07:08:43 pm »
Trump announces plan to make interest on auto loans fully deductible
By
Zach Halaschak
October 10, 2024 4:05 pm

Former President Donald Trump announced Thursday that he intends to make interest paid on car loans fully deductible, yet another tax proposal released less than a month before the election aimed at winning over swing voters.

Notably, Trump announced the move during a speech in Michigan, where he spoke before the Detroit Economic Club. Michigan is the United States’s auto manufacturing hub. The rollout was similar to how he announced his plan to end taxes on tips during a visit to service industry-heavy Nevada.

“Today I am also announcing that as part of our tax cuts, we will make interest on car loans fully deductible,” Trump said to cheers.

The former president, who is vying for another term in office against Vice President Kamala Harris, announced the move would “revolutionize” the auto industry. He said someone in the crowd had told him it was as novel an idea as the invention of paper clips.

During his speech, Trump highlighted how costly it has become to own a car in the U.S. amid years of inflation that is too high.

“This will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families,” Trump said. “This is a phenomenal thing if I do say so myself.”

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https://www.washingtonexaminer.com/news/campaigns/presidential/3184928/trump-announces-plan-interest-auto-loans-fully-deductible/
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Offline WhatWouldReaganDo

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #1 on: October 11, 2024, 11:11:29 am »
 :facepalm:
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Offline Fishrrman

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #2 on: October 11, 2024, 06:30:22 pm »
Why the facepalm?
Don't you remember when interest WAS deductible?
I do.
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Online Wingnut

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #3 on: October 11, 2024, 06:39:50 pm »
When that deduction went  away it hurt most working Americans.  I don't itemize anymore so it won't  help .me but it will help the working class.
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Online Wingnut

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #4 on: October 11, 2024, 06:42:39 pm »
Quote from: WhatWouldReaganDo on October 11, 2024, 11:11:29 am
:facepalm:

Darn you are an Enigma with a huge ass hole.
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Offline Kamaji

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #5 on: October 11, 2024, 07:23:31 pm »
Why not just make all personal interest expense deductible?
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Online Timber Rattler

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #6 on: October 11, 2024, 07:38:24 pm »
It'd take an act of Congress for this to happen.
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Offline jafo2010

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #7 on: October 11, 2024, 08:44:15 pm »
Years ago, we had the ability to deduct automobile interest on cars purchased.  The Congress/IRS took it away.
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Offline Smokin Joe

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #8 on: October 11, 2024, 08:49:38 pm »
Quote from: Fishrrman on October 11, 2024, 06:30:22 pm
Why the facepalm?
Don't you remember when interest WAS deductible?
I do.
Yep! And that included credit card interest, too. (With over a trillion in credit card debt, and interest rates ranging from 18% to 30+%, that might help some folks out, too).
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Online Weird Tolkienish Figure

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #9 on: October 11, 2024, 10:40:35 pm »
Thing is that when you subsidize something, you tend to get more of that thing. Not so sure on this one.

Trump needs to gut the federal government first. Dept of Energy and Ed can be shitcanned.
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Online cato potatoe

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #10 on: October 11, 2024, 11:09:01 pm »
Where is the offsetting revenue enhancement or spending cut?  We are looking at 2-3 trillion dollar deficits without any of the stuff he has proposed. 
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Offline Sighlass

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #11 on: October 11, 2024, 11:16:40 pm »
Quote from: Weird Tolkienish Figure on October 11, 2024, 10:40:35 pm
Thing is that when you subsidize something, you tend to get more of that thing. Not so sure on this one.

Trump needs to gut the federal government first. Dept of Energy and Ed can be shitcanned.

Yep, most of us here know these little trinket tax breaks don't amount to a hill of beans... Plus those of us that choose not to go in debt with a new car get raked over the fires paying taxes that will be placed elsewhere.

Get the government out of coupon distributional, and cut the freaking government fat/bloat.
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Online DefiantMassRINO

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #12 on: October 12, 2024, 12:14:04 am »
Mortgage interest, auto loan interest, school loan interest, credit card interest, the vig for the money I owe the bookie at the neighbordhood bar.
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Offline jafo2010

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Re: Trump announces plan to make interest on auto loans fully deductible
« Reply #13 on: October 12, 2024, 12:23:11 am »
The time has come for a consumption tax, and ending income tax completely.

Same is true for taxes on dividends.  We should put processes in place to encourage people to invest and leave their money invested. 
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