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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 ...
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 ...
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.
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
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 ...
President Trump, by Yahoo Finance's count, has made 10 distinct tax cut promises in recent months. All would face challenges before becoming law. Donald Trump has made at least 10 new tax cut ...
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 ...
Trump was slated to announce a new economic proposal in Detroit. It took him quite a bit of time to get to it. In rambling, hours-long speech, Trump introduces new car loan tax proposal