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In September, buyers paid an average interest rate of 7.1% on new cars and 11.2% on used cars, according to car research company Edmunds. Trump said the tax cut "will stimulate massive domestic ...
Former President Donald Trump promised Thursday he would make interest incurred on car loans fully tax deductible during his second term and would end double taxation for Americans living abroad ...
That's due to Trump's Tax Cuts & Jobs Act, which greatly expanded the standard deduction starting in 2018, which in turn limited write-offs for millions of low- and middle-income Americans.
The proposal to make interest on car loans tax deductible is intended to help buyers struggling with the increase in car prices. Since inflation took off in early 2021, the average price of a new car has jumped nearly 18%, though that has fallen compared with a year ago. Used car prices are up 13%.
The former president has promised to eliminate taxes on tips, Social Security benefits and overtime pay, as well as lift the $10,000 cap on state and local tax deductions – a limit he signed ...
Trump also repeated his plan to cut corporate tax rates to 15% for companies that make their products in America and slap tariffs on products from countries that don't offer reciprocal trade with ...
The standard deduction became far more prevalent after the major tax changes in the Tax Cuts and Jobs Act of 2017 — the Trump tax cut initiative that expires at the end of 2025.
For tax year 2024, the standard deduction is $29,200 for married couples and $14,600 for individuals; anyone hoping to deduct auto loan interest would need to have more than that amount in other ...