Posted on 03/28/2025 5:45:22 PM PDT by ChicagoConservative27
President Donald Trump announced Friday that he has spoken with House Speaker Mike Johnson (R-LA) and Senate Majority Leader John Thune (R-SD) about making interest payments on loans for American-made cars tax deductible.
While speaking with reporters in the Oval Office, Trump revealed that he has spoken with the leaders of both chambers of Congress about his vision for tax deductions on loans for U.S.-made cars.
“If you buy a car in the United States that’s made in the United States, if it’s manufactured here… if you borrow money you have interest payments, we’re going to let you deduct the interest payment for income tax reasons,” he said.
(Excerpt) Read more at breitbart.com ...
Unfortunately, the cars that are made in America with perhaps the exception of Tesla have at least 50% foreign parts or more. If you found a way to encourage manufacturers to have 75% or more American made parts perhaps this would be a good bill otherwise probably not.
car payment interest used to to be tax deductible
One idea that won’t cost a lot but would be enormously popular is to make all state and regional lottery winnings totally state and federal tax free.
Let all the winners have all of their dreams.
One idea that won’t cost a lot but would be enormously popular is to make all state and regional lottery winnings totally state and federal tax free.
Let all the winners have all of their dreams.
Would this apply to used cars? I’m having corneal transplant on June 12, my birthday. Gave my old car to Union Gospel Mssion, that has the best used cars in town. No way I can afford a new car.
Sales tax, registration fees, license fees, insurance, then personal property tax(some states) every year. Affording a car new is getting worse all the time.
not many of us remember that...
Great, subsidize it and make the price go up even higher.
We need government out of the car biz not all over it.
Tariffs are reasonable as other countries get to use slaves so it makes up for that. We have minimum wage here - another government interference.
Ou used to be able to deduct interest on any loans. That’s when the country was booming, I like the “made in USA” requirement
Yes. So was credit card interest.
The standard deduction for 2024 was $14,600 for individuals and $29,200 for married couples. You'd need to have a lot of deductions before it's even worthwhile to itemize them, so I'm guessing this deduction would benefit very few American taxpayers.
He covered that. It has to be 100% made in the USA
If you buy a car with money borrowed on a HELOC (Home Equity Line of Credit)it is deducted just as mortgage interest and real estate taxes.
With the upward swing in auto prices having the interest on car loans deductible is actually genius today.
I remember when the interest from my credit card was deductible...It was eliminated in 1986.
It sounds like if it is American-made and there is interest on the payments, the interest would be tax deductible. Hopefully that would be true because we will need a different car, too.
Oh, well. There aren’t many, if any, of those.
That’s what the tariffs are for.
It will take too long
If it’s American-made, then fine. If it’s UAW-made only, then I’ll pay the duties.
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