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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 ...
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. ... on car loans ...
If the plan mirrored the mortgage interest deduction, car owners would need to itemize their borrowing costs — making it a tax benefit that would mainly help high-income Americans, tax experts ...
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.
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
Along with the auto loan tax credit, Trump has promised to do away with taxes on tips and overtime hours for wage workers, eliminate a cap on a tax deduction known as "SALT" enjoyed mainly by ...