(PJ Media) On Thursday during a speech at the Detroit Economic Club, Donald Trump announced his intention to make interest on car loans fully tax-deductible if he’s elected.
“Today, I am announcing that as part of our tax cuts, we will make interest on car loans fully deductible,” he said.
In a classic Trump fashion, he connected with the auto industry professionals in the room, noting that the idea even impressed industry veterans. “I met a lot of them backstage,” Trump recounted.
According to Trump, one longtime auto industry professional told him, “I’ve been in the car industry all my life. I’ve never thought about that.” The former president compared the proposal to a breakthrough like the invention of the paper clip, adding, “Somebody comes up with the paper clip, and everybody says, ‘Why the hell didn’t I think of that?’”
Trump emphasized that making car loan interest fully deductible would dramatically lower the cost of car ownership, especially for working families. “This will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families,” he explained.
The idea behind this tax cut is simple but impactful. By making interest payments on car loans deductible, Trump aims to give a financial break to Americans while encouraging more car sales and stimulating the auto industry. Since the auto sector is such a vital part of the economy, particularly in places like Michigan, this policy could be a game-changer for both consumers and manufacturers.
“This is going to revolutionize your industry,” Trump declared to the approval of the audience. “Who likes that idea? Isn’t that great?”
🚨NEW POLICY ALERT🚨
“I am announcing that as part of our tax cuts, we will make interest on car loans fully deductible.” pic.twitter.com/Gs1bvB6VbR
— Trump War Room (@TrumpWarRoom) October 10, 2024
