Posted on 10/13/2024 8:02:19 AM PDT by thegagline
In Michigan, during remarks before the Detroit Economic Club, former President Trump vowed to make interest on car loans fully tax deductible, a proposal that would be a boon to the automobile industry in Michigan and elsewhere – and which is merely the latest promise in what has become a pattern.
Trump told voters in Nevada that he would eliminate taxes on tips earlier this summer. The Republican nominee followed that up this fall by promising to restore the state and local tax deduction, a key tax deduction that he and congressional Republicans eliminated while president and which, if restored, would be a benefit to suburban voters in states like New York, New Jersey, and California. Trump has also called for making Social Security benefits tax-free.
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All the proposed tax slashing has left some heads reeling.
“Trump’s just throwing darts at the populist-pandering dart board. Economic coherence be damned,” said Brian Riedl, senior fellow at the Manhattan Institute, a center-right think tank. The politics, meanwhile, are undeniable. Vice President Kamala Harris found herself playing catch up when she unveiled a similar “no tax on tips” proposal. ***
If you demand all your current federal spending – or more – but also believe all taxes are illegitimate, Trump is your guy,” Riedl said before noting how Trump once described himself as “the King of Debt.”
An estimate released by the Committee for a Responsible Federal Budget found that Trump’s plans could add as much as $15 trillion to the national debt over a decade, while Harris’ proposals would add nearly $8 trillion.
*** Paul Winfree, who served as Trump’s deputy director of the Domestic Policy Council, told RCP that the former president “understands something important that all the tax nerds do not.” ***
(Excerpt) Read more at realclearwire.com ...
Maybe credit card interest while he’s at it. He’s in the you get a car, you get a car phase. Might as well go full bore.
You nailed it.
How about only for US-made cars?
The difference in Trumps tax cuts is that they are targeted at average people. When you say you will cut middle class taxes by 10% it really doesn’t mean anything to the average person.
But people can understand ‘no taxes on tips, or no taxes on social security etc.
No taxes on interest for auto loans sounds good and will jump start auto sales and the economy. Unfortunately I don’t
think it would help me in any way.
The standard deduction is such that I haven’t be able to itemize in years even with a mortgage.
That should be a given.
That said, house mortgage interest deductions make some sense. Home appreciate for the most part. And the whole reason for the home mortgage deduction was to encourage home ownership for families.
Pretty much everything else depreciates and it makes no sense to buy something on credit where you are going to pay more than it’s worth at today’s prices and its value goes to zero. Just bad personal economics.
You should pay cash or just get along without it.
I didn’t see these budget hawks get their panties in a wad over EV and home solar power subsidies.
EC
If we get rid of all the Green Cr**, we can do it.
"The Tax Cut Tour: Trump Targets Voters With More Breaks"
Before Trump does anything with taxes, Democratic and Republican Trump supporters must take the FIRST MAJOR STEP in draining the swamp by using their votes to support him with a new, Constitution-respecting Congress so that he is not a lame duck president from the first day of his second term.
Trump's supporters then need to get him up to speed with the federal government's constitutionally limited powers, including Congress's Supreme Court-clarified limited power to appropriate taxes.
Enlightened Trump then needs to lead the states to put a stop to unconstitutional federal taxes by effectively "seceding" ALL the states from the unconstitutionally big federal government by repealing the ill-conceived 16th (direct taxes) and 17th (popular voting for federal senators) Amendments.
POTUS and Congress's MAIN peacetime duty, in addition to militia readiness, will then be making sure that the mail is delivered on time as the Constitution's drafters had intended.
"Article I, Section 8, Clause 7: To establish Post Offices and post Roads;"
"It is one of a few government agencies explicitly authorized by the Constitution of the United States." (non-FR)
The congressional record shows that Rep. John Bingham, a constitutional lawmaker, had clarified the federal government's constitutionally limited powers as follows.
”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
"From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added]." —United States v. Butler, 1936.
After all of the above is done, Trump can finish up his second term by spending more time on the golf course, golf courses symbolic for the POTUS of the constitutionally limited power peacetime federal government that constitutional drafters had intended.
"16th Amendment : The Congress shall have power to lay and collect taxes on incomes, from whatever source derived [emphasis added], without apportionment among the several States, and without regard to any census or enumeration."
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).
“Cherish, therefore, the spirit of our people, and keep alive their attention. If once they become inattentive to the public affairs, you and I, and Congress and Assemblies, judges and governors, shall all become wolves [emphasis added]. It seems to be the law of our general nature.” - Thomas Jefferson (Letter to Edward Carrington January 16, 1787)
Pelosi: "We have to pass the bill so that you can find out what is in it." (non-FR; 6 sec.)
Illegals are indeed getting immediate Social Security, contrary to Democrat claims (7.11.24)
Democrats [and RINOs] Are Terrified Of An Educated And Informed Public (3.12.23)
Finally, let's not allow the anti-Trump media try to fade our memories of what we witnessed on July 13.
Down the Memory Hole: Google Hides Autocomplete Suggestions Related to Trump Assassination Attempt (7.28.24)
I remember in the 80’s when credit card, car interest was tax deductible.
Libs and Dems worrying what it will cost the budget, but they changed immigration law to allow people crossing border from war torn countries like Haiti, Venzuela, Cuba to be classified as TPS persons who qualify for Federal and State benefits like SS, SS disability, Medicaid, EBT, housing help etc.
Heaven forbid Trump wants to help Americans with tax deductions.
And as your name suggests, embrace the Tenth Amendment. The problem is that Congress, the President, and the huge Article II administrative state/bureaucracy are anathema to ceding power and control to the states as required by the 10th Amendment.
Just go all the way. No tax on income.
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