Trump says “If you buy a car made in America and you borrow money to buy the car, you get a tax deduction on your interest payments. That is a big deal, That’s a huge game changer for the car industry.”

https://v.redd.it/8t9rw5ovpx0f1

by AlphaFlipper

27 comments

  1. That is idiotic.

    Status Quo for businesses, hundreds of dollars in tax savings for individuals but only ones who can afford to buy a brand new car… meanwhile, 74% tax increase for people making under 15k

  3. So basically now, I go into debt patriotically and I get rewarded?

  4. Except there are no magnets for car makers to build cars cause you messed with China without doing your homework. The entire auto industry is about to come to a halt in the next month. You heard it hear first….. Short term pain for mong term gain? How about just mass confusion and market manipulation?

  5. Lol what a fucking idiot, yeah if you’re rich and itemizing lol. For 90%+ of people this is nothing except an excuse for dealer financing to have higher interest rates and to raise vehicle prices.

  7. Up until 1987 people could deduct personal interest off their taxes. This proposal sort of puts this back, but skews the benefit towards people who can afford new cars.

    Weirdly, in our pickup truck loving nation, I believe the traditional pickup with the most US manufacturing is the Honda Ridgeline, ,… GM and Ram might not even qualify.

  8. All these comments are communist robots . CHANGE MY MIND!🗣️

  9. This is actually one of Trump’s better ideas to incentivize made in America purchases . Why is this getting bashed so badly – is it just because we don’t like Trump ?

  10. What’s crazy is I own two “American” cars, a Chevy and a Chrysler, neither are made in the USA. A toyota is more likely to be made here.

  13. Does this apply for Carvana? They are going to fucking mars lol

  14. I thought if you take out a loan you are supposed to pay it back.. that’s what they say about my student loans at least

  15. Ah tax break for the wealthy who can afford a new car again how surprising.

  18. Is this car loan interest deduction capped by salary like it is for student loans?

  20. So if I buy a 40k new SUV 5 yr at 8%…

    3k interest in the largest first year, gets itemized (assuming I am itemizing) reducing let’s say a 25% marginal rate…

    750 tax reduction year one, 100 year 5

    Be better to shop specials or buy in a nearby tax free state.

  22. Will it be capped by the SALT limits? If so, it would seem the people in states that can least afford new cars at current prices will be the only ones affected.

  24. This is the same argument his dumbass base uses against student loans, citing them as a reason that college tuition has increased. I’m sure they won’t find any hypocrisy here …. Jfc

  25. Somebody needs to make a simple chart showing how this is nothing.

  26. I dont like 99% of what Trump does but this isnt this the correct way to encourage domestic purchasing? By incentivizing it instead of starting a trade war?

  27. I need to see this written into law first or something before I believe it.

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