Official announcements from the US Department of Treasury or IRS

Trump Proposes Car Loan Tax Break, 15% Corporate Tax, and 1000% Tariffs to Boost Auto Industry

Oct 11, 2024, 01:00 AM

Former President Donald Trump has proposed a new tax break for car loans, stating it will benefit both buyers and the auto industry. The policy would make car loan interest tax-deductible, potentially saving individuals 10-20 grand annually. Trump introduced this proposal during a lengthy speech, emphasizing the need to support the US automotive sector, which he claims is suffering due to Washington's incompetence. Additionally, Trump suggested a 15% corporate tax rate to bolster the auto industry and threatened to impose 1000% tariffs on imports to save American jobs. This announcement was made during an economic address in Michigan, a key swing state.