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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 ...
Donald Trump is now pitching a new tax cut that, on the face of it, would seem to benefit almost every American who owns a car. The former president on Thursday proposed making interest on auto ...
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 ...
Speaking before the Detroit Economic Club on Thursday, Trump promised to make the interest paid on car loans fully tax deductible, similar to the popular existing deduction for mortgage interest.
President Trump, by Yahoo Finance's count, has made 10 distinct tax cut promises in recent months. All would face challenges before becoming law.
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 ...
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.