Trump Proposes 100% Tax Deduction for Car Loan Interest on U.S.-Made Vehicles, Includes Tax Credit for Caregivers

Oct 27, 2024, 11:25 PM

Former President Donald Trump has announced a proposal to make interest on car loans fully tax deductible, contingent on the vehicles being manufactured in the United States. This plan was initially presented at the Detroit Economic Club last month and reiterated during a speech at Madison Square Garden. Trump also mentioned a commitment to providing tax credits for individuals caring for loved ones. The proposal aims to bolster domestic manufacturing and support American-made vehicles, aligning with his broader economic strategy.