"Today, I am also announcing that as part of our tax cuts, we will make interest on car loans fully tax deductible."
On Thursday, Donald Trump announced that he would be making interest on car loans fully tax deductible should he win a second term in office. He made the comments as he was speaking at the Detroit Economic Club on Thursday, where he committed to boosting auto manufacturing in the United States.
"Today, I am also announcing that as part of our tax cuts, we will make interest on car loans fully tax deductible," Trump told the Detroit audience. The move would most likely incentivize more car purchases, thereby increasing the demand on vehicles in America.
"This will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families," Trump added. During the talk, Trump also touted other plans to bring more manufacturing jobs to the US and to increase the production of the car industry.
"We will cut taxes, slash regulations, curb wasteful spending, and unleash energy production to rapidly drive prices down and put more money in the pockets of American consumers,” he said, promising no taxes on tips, social security benefits, or overtime pay. The GOP nominee gave a detailed economic plan to help prevent Chinese car companies from coming to sell vehicles in the US while manufacturing them in Mexico.
“My goal is to see US auto manufacturing even greater than it was in its prime, and for Detroit and Michigan to be at the center of the action,” Trump said. He slammed Harris in the speech as well, saying that "Our whole country will end up being like Detroit if she's your president,” Trump commented about the Democratic nominee. “You’re going to have a mess on your hands."
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