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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 ...
The latest tax policies add to Trump's other proposed breaks -- including to end levies on tips, Social Security and overtime payments. ... we will make interest on car loans fully tax deductible ...
The 1986 Act limited interest expense deductibility to mortgage interest, as well as interest on home equity loans. Car loans: You can get a car with a bad credit score, but it could cost $10,000 more
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%.
Former President Donald Trump spoke at length to the Detroit Economic Club on Thursday, rolling out a bit of news on a possible tax break.
Former President Donald Trump unveiled yet another set of targeted tax break proposals on Thursday, doling out more promises of relief as Election Day draws ever closer.
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 ...
For tax year 2024, the standard deduction is $29,200 for married couples and $14,600 for individuals, meaning any taxpayer who hopes to take advantage of Trump's proposed car loan interest break ...